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Fraport AG
Interim / Quarterly Report • Nov 14, 2025
163_rns_2025-11-14_476c037a-c216-46d2-af00-23158751d57c.pdf
Interim / Quarterly Report
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November 11, 2025
Overview by the Executive Board
- Passenger growth at Frankfurt and international sites
- Year-on-year Group revenue growth of 7.8% at just under €3.2 billion, adjusted for IFRIC 12
- Traffic volume and prices driving up expenses at Frankfurt and in international business
- Group EBITDA of €1,154.3 million, representing a significant increase of €103.5 million (+9.8%) over same period of previous year
- Group result slightly higher than previous year at €441.5 million (9M 2024: €434.0 million).
- Positive free cash flow that is clearly better than previous year at €48.2 million (9M 2024: –€318.1 million)
Note on quarterly figures
The quarterly figures concerning the asset, financial, and earnings position have been prepared in accordance with the International Financial Reporting Standards (IFRS) as applicable in the EU. The interim release does not include complete interim financial statements in accordance with International Accounting Standard (IAS) 34. The interim release was not reviewed or audited by an independent auditor.
An overview of the calculation of key financial indicators and a description of specialist terms are presented in the Glossary of the 2024 Annual Report.
Key Figures
| € million | 9M 2025 | 9M 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 3,340.3 | 3,393.1 | – 52.8 | – 1.6 |
| Revenue adjusted for IFRIC 12 | 3,198.5 | 2,967.6 | +230.9 | +7.8 |
| EBITDA | 1,154.3 | 1,050.8 | +103.5 | +9.8 |
| Group result | 441.5 | 434.0 | +7.5 | +1.7 |
| Earnings per share (basic) (€) | 4.30 | 4.11 | +0.19 | +4.6 |
| Free cash flow | 48.2 | – 318.1 | +366.3 | – |
| Number of employees as of September 30 | 19,843 | 19,552 | +291 | +1.5 |
| Average number of employees | 19,674 | 18,918 | +756 | +4.0 |
| € million | September 30, 2025 | December 31, 2024 | Change in % | ||
|---|---|---|---|---|---|
| Shareholders' equity ratio (%) | 25.2 | 23.8 | +1.4 PP | – | |
| Group liquidity | 3,922.2 | 3,936.6 | – 14.4 | – 0.4 | |
| Net financial debt | 8,180.5 | 8,388.5 | – 208.0 | – 2.5 | |
| Gearing ratio (%) | 159.1 | 173.7 | –14.6 PP | – | |
| Total assets | 20,398.7 | 20,252.8 | +145.9 | +0.7 |
| € million | Q3 2025 | Q3 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 1,350.3 | 1,354.3 | – 4.0 | – 0.3 |
| Revenue adjusted for IFRIC 12 | 1,302.2 | 1,201.0 | +101.2 | +8.4 |
| EBITDA | 593.1 | 483.7 | +109.4 | +22.6 |
| Group result | 342.9 | 273.2 | +69.7 | +25.5 |
| Earnings per share (basic) (€) | 3.28 | 2.49 | +0.79 | +31.7 |
| Free cash flow | 373.0 | 134.9 | +238.1 | > +100 |
| Average number of employees | 19,917 | 19,488 | +429 | +2.2 |
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Fraport Interim Release Q3/9M 2025 2
Operating Performance
Traffic development
| Share in % | Passengers 1) | Cargo (air freight + air mail in m. t.) | ||||
|---|---|---|---|---|---|---|
| 9M 2025 Change in % 2) |
9M 2025 | Change in % 2) | ||||
| Frankfurt | 100 | 47,575,296 | +1,8 | 1,497,561 | +1.5 | |
| Ljubljana | 100 | 1,233,329 | +8,6 | 8,822 | – 4.4 | |
| Fortaleza | 100 | 4,542,342 | +8.0 | 36,654 | +1.0 | |
| Porto Alegre | 100 | 5,325,039 | > +100 | 30,930 | +67.7 | |
| Lima | 80.01 | 19,075,767 | +5.3 | 193,442 | +20.4 | |
| Fraport Greece | 65 | 31,781,767 | +2.6 | 4,041 | – 13.1 | |
| Twin Star | 60 | 3,324,743 | +8.7 | 513 | – 27,6 | |
| Antalya3) | 51/50 | 31,072,780 | +1.0 | n.a | n.a |
1) Commercial traffic only, in + out + transit.
3) Fraport TAV Antalya Terminal, Isletmeciligi AS – operating company of the terminals at Antalya Airport, share of voting rights/dividend share 51%/50%. From 2027: Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş, capital share/dividend share: 49%/50%.
| Share in % | Passengers 1) | Cargo (air freight + air mail in m. t.) | |||
|---|---|---|---|---|---|
| Q3 2025 Change in % 2) |
Q3 2025 | Change in % 2) | |||
| Frankfurt | 100 | 18,432,607 | +2,6 | 511,975 | +2.6 |
| Ljubljana | 100 | 544,071 | +12,3 | 3,024 | +6.1 |
| Fortaleza | 100 | 1,656,425 | +8,7 | 12,474 | +2.9 |
| Porto Alegre | 100 | 1,978,897 | > +100 | 10,514 | > +100 |
| Lima | 80.01 | 6,648,408 | +2.0 | 67,955 | +13.9 |
| Fraport Greece | 65 | 18,831,867 | +3,1 | 1,407 | – 13.4 |
| Twin Star | 60 | 2,195,930 | +6,1 | 119 | – 57,2 |
| Antalya3) | 51/50 | 16,690,032 | +2.0 | n.a | n.a |
1) Commercial traffic only, in + out + transit.
In the first nine months of 2025, passenger traffic in Frankfurt grew by 1.8% compared to the previous-year period to around 47.6 million passengers. There was an increase in both European and domestic traffic, with the latter benefiting from the development of feeder flights. By contrast, intercontinental traffic stagnated, in particular due to the decline in traffic to and from China.
Cargo traffic in Frankfurt increased by 1.5% to around 1.5 million metric tons, with the main growth driver remaining e-commerce business from China.
In the reporting period, the Group airports recorded passenger growth compared to the previous year. Lima and Ljubljana, as well as the tourist-oriented Group sites in Greece, Bulgaria, and Antalya, saw single-digit increases to passenger volumes. Passenger numbers in Brazil increased by a significant 43.8% year on year, with the same period last year being severely impaired by floods and the temporary suspension of flight operations at the Porto Alegre site.
2) As a result of late submissions, there may be changes to the figures reported for the previous year.
2) As a result of late submissions, there may be changes to the figures reported for the previous year.
3) Fraport TAV Antalya Terminal, Isletmeciligi AS – operating company of the terminals at Antalya Airport, share of voting rights/dividend share 51%/50%. From 2027: Fraport TAV Antalya Yatirim, Yapim ve İşletme A.Ş, capital share/dividend share: 49%/50%.
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Financial Performance
The Group's Results of Operations
Revenue
At €3,340.3 million, revenue in the Fraport Group in the reporting period was below the figure from the same period last year by €52.8 million (–1.6%). Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue increased by €230.9 million to €3,198.5 million (+7.8%).
The increase at the Frankfurt site was mainly due to higher revenue from airport charges (+€56.5 million), ground services (+€52.7 million), and infrastructure charges (+€27.8 million), as a result of traffic volumes and prices.
Outside of Frankfurt, contributions to adjusted revenue growth came, in particular, from Fraport Greece (+€26.0 million) and Fraport Brasil (+€18.7 million), as a result of the positive traffic development.
Other operating income
At €21.3 million, other operating income in the reporting period was €33.0 million below the previous year. During the same period of the previous year, other operating income was especially positively influenced by compensation for the negative economic effects of the coronavirus pandemic at Fraport Greece (€28.0 million).
Expenses
Non-staff costs (cost of materials and other operating expenses) fell by €259.3 million to €1,301.7 million in the first nine months of 2025. Adjusted for expenses related to the application of IFRIC 12, non-staff costs rose to €1,159.9 million (+€24.4 million). The increase was mainly a result of higher expenses for external service (+€51.2 million) and increased variable concession charges at the international Group companies (+€14.1 million). Conversely, expenses for external personnel fell by €21.6 million. In the first nine months of 2025, personnel expenses in the Group increased by €77.5 million to €959.1 million. This increase is mainly attributable to increases in the collective bargaining agreement and a larger headcount at the Frankfurt site. By contrast, an unscheduled refund of contributions from Fraport's company pension plan brought personnel expenses down in the third quarter with a positive net effect of around €50 million.
EBITDA and EBIT
At €1,154.3 million, Group EBITDA was €103.5 million above the previous year's level. An increase in depreciation and amortization of €397.3 million (+3.0%), in particular at the Lima site, resulted in Group EBIT of €757.0 million (9M 2024: €664.9 million).
Financial result
The financial result in the reporting period amounted to –€170.9 million (9M 2024: –€97.1 million). The decrease compared to the same period of the previous year is primarily due to a €76.0 million decline in the result from companies accounted for using the equity method.
At €272.7 million, interest expenses were roughly at the previous year's level (9M 2024: –€267.4 million). By contrast, interest income in connection with an unscheduled refund of contributions from Fraport's company pension plan had a positive impact of more than €15 million on the interest result in the third quarter.
The result from companies accounted for using the equity method fell to –€12.5 million due to the negative results development of the two operating companies in Antalya (–€68.8 million). In particular, the devaluation of the Turkish lira had a negative impact on the position of deferred taxes there.
EBT, Group result, and EPS
EBT in the reporting period amounted to €586.1 million (9M 2024: €567.8 million). With a consolidated tax rate of 24.7%, expenses from taxes on income amounted to €144.6 million (9M 2024: €133.8 million). The consolidated tax rate takes into account the effects of corporation tax being reduced from 2028 onwards as a result of the legislative package calling for a tax investment program in Germany. The Group result was €441.5 million (+€7.5 million). Consequently, the basic earnings per share amounted to €4.30 (9M 2024: €4.11).
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Results of operations for segments
In the first nine months of 2025, revenue in the Aviation segment increased by €70.7 million to €1,000.6 million. Due to the increased traffic volume and positive price effects, revenue from airport charges increased by €56.5 million to €755.0 million. Revenue from aviation security charges also rose year on year to €200.5 million (9M 2024:
€180.8 million revenue from aviation security charges (§ 5 LuftSiG)). Personnel expenses increased to €213.2 million (+€7.6 million) due to price and volume effects. By contrast, an unscheduled refund of contributions from Fraport's company pension plan brought personnel expenses down in the third quarter by around €14 million. Increases in the volume and price of external services contributed largely to the higher cost of materials, which rose year on year by around €17.5 million to €222.8 million. Due to the positive operating performance, the segment's EBITDA amounted to €326.1 million (9M 2024: €295.5 million). Slightly decreased depreciation and amortization (–€7.8 million) led to EBIT of €214.3 million (9M 2024: €175.9 million).
Aviation
| € million | 9M 2025 | 9M 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 1,000.6 | 929.9 | +70.7 | +7.6 |
| Personnel expenses | 213.2 | 205.6 | +7.6 | +3.7 |
| Cost of materials | 222.8 | 205.3 | +17.5 | +8.5 |
| EBITDA | 326.1 | 295.5 | +30.6 | +10.4 |
| Depreciation and amortization | 111.8 | 119.6 | – 7.8 | – 6.5 |
| EBIT | 214.3 | 175.9 | +38.4 | +21.8 |
| Number of employees as of September 30 | 3,763 | 3,672 | +91 | +2.5 |
| Average number of employees | 3,759 | 3,575 | +184 | +5.1 |
| € million | Q3 2025 | Q3 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 381.5 | 343.8 | +37.7 | +11.0 |
| Personnel expenses | 60.6 | 70.0 | – 9.4 | – 13.4 |
| Cost of materials | 76.6 | 72.0 | +4.6 | +6.4 |
| EBITDA | 162.3 | 130.0 | +32.3 | +24.8 |
| Depreciation and amortization | 37.2 | 39.4 | – 2.2 | – 5.6 |
| EBIT | 125.1 | 90.6 | +34.5 | +38.1 |
| Average number of employees | 3,755 | 3,628 | +127 | +3.5 |
The positive traffic development in the reporting period was also reflected in the Retail & Real Estate segment's revenue of €407.5 million (+€15.6 million). Revenue growth resulted from increased retail (+€5.4 million), parking (+€4.7 million), and real estate (+€3.4 million) revenue. Net retail revenue per passenger was €3.19 (9M 2024: €3.13).
An unscheduled refund of contributions from Fraport's company pension plan brought personnel expenses down in the third quarter by around €4 million. Consequently, personnel expenses for the segment sat at €41.2 million — the same level as the previous year. The cost of materials decreased by €15.2 million year on year to €104.9 million, mainly due to reimbursements for utility services in the high single-digit million range. Segment EBITDA increased by €15.9 million to €295.6 million. Lower depreciation and amortization compared to the previous year (–€2.2 million) led to segment EBIT of €225.1 million (9M 2024: €207.0 million).
Retail & Real Estate
| € million | 9M 2025 | 9M 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 407.5 | 391.9 | +15.6 | +4.0 |
| Personnel expenses | 41.2 | 41.6 | – 0.4 | – 1.0 |
| Cost of materials | 104.9 | 120.1 | – 15.2 | – 12.7 |
| EBITDA | 295.6 | 279.7 | +15.9 | +5.7 |
| Depreciation and amortization | 70.5 | 72.7 | – 2.2 | – 3.0 |
| EBIT | 225.1 | 207.0 | +18.1 | +8.7 |
| Number of employees as of September 30 | 615 | 601 | +14 | +2.3 |
| Average number of employees | 616 | 602 | +14 | +2.3 |
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| € million | Q3 2025 | Q3 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 145.2 | 140.4 | +4.8 | +3.4 |
| Personnel expenses | 11.0 | 14.1 | – 3.1 | – 22.0 |
| Cost of materials | 31.8 | 43.3 | – 11.5 | – 26.6 |
| EBITDA | 112.6 | 99.8 | +12.8 | +12.8 |
| Depreciation and amortization | 23.9 | 24.5 | – 0.6 | – 2.4 |
| EBIT | 88.7 | 75.3 | +13.4 | +17.8 |
| Average number of employees | 616 | 603 | +13 | +2.2 |
At €640.4 million, revenue in the Ground Handling segment in the first nine months of 2025 was €81.3 million higher than in the same period of the previous year. Revenue from ground services (+€52.7 million) increased due to price increases as well as temporary increases in market share. Price increases also resulted in higher revenue from infra-
structure charges (+€27.8 million). Personnel expenses in the segment rose by €56.8 million, driven in particular by increases in the collective bargaining agreement at the Frankfurt site and an increase in headcount. By contrast, an unscheduled refund of contributions from Fraport's company pension plan brought personnel expenses down in the third quarter by around €16 million (net). At €82.7 million, the cost of materials was slightly below the previous year (–€3.3 million). EBITDA rose strongly compared to the same period of the previous year to €31.7 million (9M 2024: –€14.8 million). With slightly lower depreciation and amortization (–€1.7 million), segment EBIT improved to €3.3 million (9M 2024: –€44.9 million).
Ground Handling
| € million | 9M 2025 | 9M 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 640.4 | 559.1 | +81.3 | +14.5 |
| Personnel expenses | 424.8 | 368.0 | +56.8 | +15.4 |
| Cost of materials | 82.7 | 86.0 | – 3.3 | – 3.8 |
| EBITDA | 31.7 | – 14.8 | +46.5 | –! |
| Depreciation and amortization | 28.4 | 30.1 | – 1.7 | – 5.6 |
| EBIT | 3.3 | – 44.9 | +48.2 | –! |
| Number of employees as of September 30 | 8,489 | 8,470 | +19 | +0.2 |
| Average number of employees | 8,547 | 8,257 | +290 | +3.5 |
| € million | Q3 2025 | Q3 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 235.2 | 205.7 | +29.5 | +14.3 |
| Personnel expenses | 128.4 | 126.3 | +2.1 | +1.7 |
| Cost of materials | 27.5 | 28.5 | – 1.0 | – 3.5 |
| EBITDA | 37.1 | 9.0 | +28.1 | > 100 |
| Depreciation and amortization | 9.6 | 9.5 | +0.1 | +1.1 |
| EBIT | 27.5 | – 0.5 | +28.0 | – |
| Average number of employees | 8,480 | 8,398 | +82 | +1.0 |
In the reporting period, revenue from the International Activities & Services segment amounted to €1,291.8 million (–€220.4 million). Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue increased to €1,150.0 million (+€63.3 million). The increase was due to the positive traffic development at the international Group airports Fraport Greece (+€26.0 million adjusted revenue), Fraport Brasil (+€18.7 million
adjusted revenue), and Lima (+€13.0 million adjusted revenue). Personnel expenses increased to €279.9 million, primarily due to the effects of volumes and prices (9M 2024: €266.4 million). By contrast, an unscheduled refund of contributions from Fraport's company pension plan brought personnel expenses down in the third quarter by around €15 million. Non-staff costs in the segment (cost of materials and other operating expenses) fell by €248.4 million to €825.3 million (–23.1%) compared to the same period the previous year. Adjusted for the expenses relating to the application of IFRIC 12, non-staff expenses increased to €683.5 million (9M 2024: €648.2 million). Key drivers for this were increased variable concession charges at Fraport Greece and higher expenses for external services at the Group company in Lima. Despite higher operating expenses, segment EBITDA increased to €500.9 million (9M 2024: €490.4 million). Depreciation and amortization rose by €23.1 million to €186.6 million, mainly due to the inauguration of the new terminal infrastructure in Lima, resulting in a reduced segment EBIT of €314.3 million (9M 2024: €326.9 million).
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International Activities & Services
| € million | 9M 2025 | 9M 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 1,291.8 | 1,512.2 | – 220.4 | – 14.6 |
| Revenue adjusted for IFRIC 12 | 1,150.0 | 1,086.7 | +63.3 | +5.8 |
| Personnel expenses | 279.9 | 266.4 | +13.5 | +5.1 |
| Cost of materials | 749.9 | 996.8 | – 246.9 | – 24.8 |
| Cost of materials adjusted for IFRIC 12 | 608.1 | 571.3 | +36.8 | +6.4 |
| EBITDA | 500.9 | 490.4 | +10.5 | +2.1 |
| Depreciation and amortization | 186.6 | 163.5 | +23.1 | +14.1 |
| EBIT | 314.3 | 326.9 | – 12.6 | – 3.9 |
| Number of employees as of September 30 | 6,975 | 6,809 | 166 | +2.4 |
| Average number of employees | 6,752 | 6,484 | 268 | +4.1 |
| € million | Q3 2025 | Q3 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 588.4 | 664.4 | – 76.0 | – 11.4 |
| Revenue adjusted for IFRIC 12 | 540.3 | 511.1 | +29.2 | +5.7 |
| Personnel expenses | 83.2 | 89.8 | – 6.6 | – 7.3 |
| Cost of materials | 303.5 | 393.7 | – 90.2 | – 22.9 |
| Cost of materials adjusted for IFRIC 12 | 255.4 | 240.4 | +15.0 | +6.2 |
| EBITDA | 281.1 | 244.9 | +36.2 | +14.8 |
| Depreciation and amortization | 71.9 | 53.9 | +18.0 | +33.4 |
| EBIT | 209.2 | 191.0 | +18.2 | +9.5 |
| Average number of employees | 7,066 | 6,859 | +207 | +3.0 |
Development of the key Group companies outside of Frankfurt (IFRS values before consolidation)
| € million | Share in % | Revenue1) | EBITDA | EBIT | Result | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9M 2025 9M 2024 | Δ % 9M 2025 9M 2024 | Δ % 9M 2025 9M 2024 | Δ % 9M 2025 9M 2024 | Δ % | |||||||||
| Fraport USA | 100 | 135.6 | 138.8 | –2.3 | 41.2 | 43.5 | –5.3 | 14.4 | 18.0 | –20.0 | 5.9 | 11.1 | –46.8 |
| Fraport Slovenija | 100 | 41.6 | 38.6 | +7.8 | 20.1 | 16.6 | +21.1 | 12.5 | 9.3 | +34.4 | 10.1 | 7.3 | +38.4 |
| Fortaleza + Porto Alegre2) | 100 | 83.4 | 65.3 | +27.7 | 37.4 | 26.9 | +39.0 | 13.2 | 2.5 | >+100 | –4.3 | –12.3 | – |
| Lima | 80.01 | 390.5 | 652.3 | –40.1 | 84.0 | 95.0 | –11.6 | 36.5 | 66.1 | –44.8 | –5.4 | 30.3 | – |
| Fraport Greece3) | 65 | 525.5 | 507.8 | +3.5 | 246.0 | 261.5 | –5.9 | 196.8 | 213.3 | –7.7 | 107.2 | 118.9 | –9.8 |
| Twin Star | 60 | 58.7 | 52.6 | +11.6 | 28.0 | 25.3 | +10.7 | 21.0 | 18.2 | +15.4 | 16.2 | 13.6 | +19.1 |
| Antalya I4) (FTA I) | 51/50 | 445.7 | 411.5 | +8.3 | 248.7 | 324.5 | –23.4 | 160.1 | 233.6 | –31.5 | 98.6 | 167.1 | –41.0 |
| Antalya II5) (FTAII) | 49/50 | 84.1 | 247.4 | –66.0 | 41.3 | –2.5 | – | 23.9 | –2.5 | – | –107.8 | –38.8 | – |
| € million | Share in % | Revenue1) | EBITDA | EBIT | Result | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q3 2025 | Q3 2024 | Δ % | Q3 2025 | Q3 2024 | Δ % | Q3 2025 | Q3 2024 | Δ % | Q3 2025 | Q3 2024 | Δ % | ||
| Fraport USA | 100 | 44.0 | 48.3 | –8.9 | 12.9 | 16.2 | –20.4 | 4.2 | 7.8 | –46.2 | 0.5 | 5.2 | –90.4 |
| Fraport Slovenija | 100 | 17.0 | 15.4 | +10.4 | 12.5 | 7.2 | +73.6 | 10.0 | 5.1 | +96.1 | 8.0 | 3.9 | >+100 |
| Fortaleza + Porto Alegre2) | 100 | 27.5 | 19.2 | +43.2 | 14.5 | –0.2 | – | 5.4 | –7.6 | – | 1.3 | –8.6 | – |
| Lima | 80.01 | 134.2 | 220.8 | –39.2 | 29.2 | 34.6 | –15.6 | 4.5 | 25.3 | –82.2 | –15.7 | 14.8 | – |
| Fraport Greece3) | 65 | 310.4 | 306.8 | +1.2 | 167.5 | 158.6 | +5.6 | 151.3 | 142.6 | +6.1 | 102.9 | 95.6 | +7.6 |
| Twin Star | 60 | 38.1 | 35.2 | +8.2 | 22.1 | 21.4 | +3.3 | 19.8 | 19.1 | +3.7 | 16.9 | 16.5 | +2.4 |
| Antalya I4) (FTA I) | 51/50 | 286.7 | 227.7 | +25.9 | 150.3 | 187.9 | –20.0 | 119.5 | 157.5 | –24.1 | 86.3 | 117.7 | –26.7 |
| Antalya II5) (FTAII) | 49/50 | 45.3 | 75.6 | –40.1 | 26.6 | 0.8 | >+100 | 17.9 | 0.8 | >+100 | –0.3 | –17.8 | – |
1) Revenue adjusted by IFRIC 12: Fortaleza + Porto Alegre 9M 2025: €71.8 million (9M 2024: €53.1 million); Q3 2025: €26.0 million (Q3 2024: €12.4 million); Lima 9M 2025: €286.9 million (9M 2024: €273.9 million); Q3 2025: €100.6 million (Q3 2024: €98.2 million);
Fraport Greece 9M 2025: €498.9 million (9M 2024: €472.9 million); Q3 2025: €297.3 million (Q3 2024: €282.8 million); Antalya II 9M 2025: €59.5 million (9M 2024: €5.0 million); Q3 2025: €38.3 million (Q3 2024: €3.3 million).
2) Sum of the Group companies Fortaleza and Porto Alegre.
3) The Group companies Fraport Regional Airports of Greece A and Fraport Regional Airports of Greece B and Fraport Regional Airports of Greece Management Company are collectively referred to as "Fraport Greece."
4) Fraport TAV Antalya Terminal, Isletmeciligi AS – operating company of the terminals at Antalya Airport, share of voting rights/dividend share 51%/50%.
5) Fraport TAV Antalya Yatirim, Yapim ve İşletme AS – operating company of the terminals at Antalya Airport; starting 2027, capital share /dividend share: 49%/50%.
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Asset and Capital Structure
At €20,398.7 million, total assets as of September 30, 2025 were €145.9 million above the comparable value as of December 31, 2024 (+0.7%). Non-current assets increased by €20.7 million to €16,296.5 million. This was mainly due to the increase in property, plant, and equipment related to the investment measures at the Frankfurt site (+€482.4 million). Investments in airport operating projects (–€181.0 million) fell in spite of the construction activities in Lima, due to the depreciation of the US dollar against the euro. In addition, other financial assets decreased by €201.3 million, mainly due to the disposal of shares in Delhi Airport in Q1 2025. At €4,102.2 million, current assets were €125.2 million above the comparable value as of December 31, 2024. Increased cash and cash equivalents (+€217.2 million) and higher trade accounts receivable (+€114.7 million) due to traffic volumes were offset in particular by lower other current financial assets (–€139.6 million).
At €5,484.0 million, shareholders' equity as of September 30, 2025 was €305.9 million higher than as of December 31, 2024. The increase was mainly due to the improved Group result of €441.5 million based on positive business development. On the other hand, there were negative effects from exchange rate differences of €104.8 million. The shareholders' equity ratio increased compared to December 31, 2024, from 23.8% to 25.2%. Non-current liabilities increased by €119.2 million to €12,717.3 million. The primary cause for this was the increase in financial liabilities (+€158.3 million) of Fraport AG (+€219.3 million), whereas financial liabilities in Lima fell due to currency fluctuations (–€41.7 million). Current liabilities decreased in the reporting period by €279.2 million to €2,197.4 million. This is attributable in particular to lower current financial liabilities (–€380.7 million). The loan repayments at Fraport AG were offset by reclassifications based on maturity of previous non-current financial liabilities. Another reason for this is the €104.1 million reduction in trade accounts payable, in particular due to the reduction in construction invoice liabilities in Frankfurt and Lima. Provisions for income taxes, however, increased by €114.6 million.
At €12,102.7 million, gross debt as of September 30, 2025 was €222.4 million below the comparable value as of December 31, 2024 of €12,325.1 million. Liquidity remained virtually unchanged at €3,922.2 million (–€14.4 million). Net financial debt decreased by €208.0 million to €8,180.5 million (December 31, 2024: €8,388.5 million). The gearing ratio reached 159.1% (December 31, 2024: 173.7%).
Statement of Cash Flows
Cash flow from operating activities increased by 12.2% in the first three quarters of fiscal year 2025 to €1,005.6 million (9M 2024: €896.3 million). The improvement of €109.3 million compared to the same period of the previous year resulted in particular from the improved operating result and the positive effects arising from the change in working capital.
Cash flow used in investing activities without investments in cash deposits and securities amounted to €811.0 million, which was €367.7 million less than the previous year's value. Cash flow used in expansion and extension measures at the Frankfurt site was lower, as was expenditure for investments in airport operating projects, particularly in Lima. Additionally, revenue from the sale of the Delhi shares reduced the cash outflow by a total of €104.3 million.
Considering investments in and revenue from securities, promissory note loans, and time deposits, the overall cash flow used in investing activities was €920.6 million (9M 2024: €1,021.3 million).
As regards cash flow from financing activities, cash outflow amounted to €194.3 million due to lower borrowings and repayments, particularly from overnight and time deposits (9M 2024: cash inflow of €182.7 million). Taking into account exchange rate fluctuations and other changes, according to the statement of cash flows, the Fraport Group reported cash and cash equivalents of €827.8 million as of September 30, 2025 (September 30, 2024: €846.4 million).
Free cash flow for the first three quarters of fiscal year 2025 amounted to €48.2 million (9M 2024: –€318.1 million).
{7}------------------------------------------------
Events after the Balance Sheet Date
There were no significant events for the Fraport Group after the balance sheet date.
Risk and Opportunities Report
In the current year 2025, the following changes occurred compared to the risks and opportunities listed in the Risk and Opportunities Report for fiscal year 2024:
As already communicated in the Q2/6M Interim Report 2025, the new passenger terminal at Jorge Chávez Airport in Lima, Peru, operated by Lima Airport Partners (LAP), was successfully inaugurated on June 1, 2025. This completes the first terminal phase and therefore the majority of the airport expansion program. The second terminal construction phase is currently in progress. Against this backdrop, the risks are still rated as "moderate."
The conclusion, on April 29, 2025, of the project financing for the expansion project of the Group company in Antalya (FTA II) eliminates the associated risk.
The Risk and Opportunities Report for fiscal year 2024 included a risk related to the delayed takeover of the duty-free areas at Antalya Airport by the designated new operator. The former operator has since ceased operating the duty-free stores in the previous infrastructure. The takeover by the new operator was successfully completed in August 2025, eliminating the risk of a negative effect on earnings and liquidity.
Report on Forecast Changes
Business Outlook
At the end of the first nine months of 2025, the Executive Board maintains its main forecasts for the earnings, asset, and financial position at Group level for the full year 2025 (see also the "Business Outlook" chapter in Annual Report 2024).
In line with the business development to date, the Executive Board anticipates volumes of approximately 63 million passengers in Frankfurt for the full year 2025 (forecast from Annual Report 2024: moderate increase up to a maximum of 64 million passengers). Due to the unscheduled premium refund in relation to supplementary occupational benefits, the Executive Board is also expecting positive segment EBITDA in the Ground Handling segment (forecast from Annual Report 2024: improvement in EBITDA compared to 2024, but still negative).
Where the statements made in this document relate to the future rather than the past, they are based on a number of assumptions about future events and are subject to a number of uncertainties and other factors, many of which are beyond the control of Fraport AG Frankfurt Airport Services Worldwide and which could have the effect that the actual results will differ materially from these statements. These factors include, but are not limited to, the competitive environment in deregulated markets, regulatory changes, the success of business operations, and a substantial deterioration in basic economic conditions in the markets in which Fraport AG Frankfurt Airport Services Worldwide and its Group companies operate. Readers are cautioned not to rely to an inappropriately large extent on statements made about the future.
{8}------------------------------------------------
Consolidated Income Statement (IFRS)
| € million | 9M 2025 | 9M 2024 | Q3 2025 | Q3 2024 |
|---|---|---|---|---|
| Revenue | 3,340.3 | 3,393.1 | 1,350.3 | 1,354.3 |
| Other internal work capitalized | 53.5 | 46.0 | 18.5 | 16.8 |
| Other operating income | 21.3 | 54.3 | 11.4 | 2.5 |
| Total revenue | 3,415.1 | 3,493.4 | 1,380.2 | 1,373.6 |
| Cost of materials | –1,160.3 | –1,408.2 | –439.4 | –537.5 |
| Personnel expenses | –959.1 | –881.6 | –283.2 | –300.2 |
| Depreciation and amortization | –397.3 | –385.9 | –142.6 | –127.3 |
| Other operating expenses | –141.4 | –152.8 | –64.5 | –52.2 |
| Operating result | 757.0 | 664.9 | 450.5 | 356.4 |
| Interest income | 109.9 | 105.1 | 45.6 | 33.7 |
| Interest expenses | –272.7 | –267.4 | –93.5 | –88.4 |
| Result from companies accounted for using the equity method | –12.5 | 63.5 | 42.5 | 52.1 |
| Other financial result | 4.4 | 1.7 | 2.0 | 2.5 |
| Financial result | –170.9 | –97.1 | –3.4 | –0.1 |
| Result from ordinary operations | 586.1 | 567.8 | 447.1 | 356.3 |
| Taxes on income | –144.6 | –133.8 | –104.2 | –83.1 |
| Group result | 441.5 | 434.0 | 342.9 | 273.2 |
| thereof profit attributable to non-controlling interests | 43.8 | 54.2 | 40.0 | 43.5 |
| thereof profit attributable to shareholders of Fraport AG | 397.7 | 379.8 | 302.9 | 229.7 |
| Earnings per €10 share in € | ||||
| basic | 4.30 | 4.11 | 3.28 | 2.49 |
| diluted | 4.30 | 4.11 | 3.28 | 2.49 |
| EBITDA (= EBIT + depreciation and amortization) | 1,154.3 | 1,050.8 | 593.1 | 483.7 |
| EBIT (= operating result) | 757.0 | 664.9 | 450.5 | 356.4 |
{9}------------------------------------------------
Consolidated Statement of Comprehensive Income (IFRS)
| € million | 9M 2025 | 9M 2024 | Q3 2025 | Q3 2024 |
|---|---|---|---|---|
| Group result | 441.5 | 434.0 | 342.9 | 273.2 |
| Remeasurements of defined benefit pension plans | 1.5 | 1.6 | 0.0 | –0.6 |
| (deferred taxes related to those items | –0.5 | –0.5 | 0.0 | 0.2) |
| Equity instruments measured at fair value | –4.4 | –4.9 | 0.0 | –4.9 |
| Other comprehensive income of companies accounted for using the equity | ||||
| method | 1.4 | 0.4 | 0.0 | 0.3 |
| (deferred taxes related to those items | –0.3 | –0.1 | 0.0 | –0.1) |
| Items that will not be reclassified subsequently to profit or loss | –2.3 | –3.5 | 0.0 | –5.1 |
| Fair value changes of derivatives | ||||
| Changes recognized directly in equity | –16.1 | 2.0 | 0.3 | –26.7 |
| Realized gains (+)/losses (–) | 7.1 | 11.5 | 2.4 | 4.2 |
| –23.2 | –9.5 | –2.1 | –30.9 | |
| (deferred taxes related to those items | 5.1 | 2.1 | 0.5 | 6.8) |
| Debt instruments measured at fair value | ||||
| Changes recognized directly in equity | 7.1 | 21.7 | 0.9 | 11.8 |
| Realized gains (+)/losses (–) | 0.4 | 0.0 | 0.2 | 0.0 |
| 6.7 | 21.7 | 0.7 | 11.8 | |
| (deferred taxes related to those items | –2.1 | –6.9 | –0.2 | –3.8) |
| Currency translation of foreign Group companies | ||||
| Changes recognized directly in equity | –104.8 | –44.5 | 5.3 | –44.5 |
| –104.8 | –44.5 | 5.3 | –44.5 | |
| Income and expenses from companies accounted for using the equity method directly recognized in equity |
||||
| Changes recognized directly in equity | 8.0 | 0.0 | 2.0 | 0.0 |
| 8.0 | 0.0 | 2.0 | 0.0 | |
| (deferred taxes related to those items | –1.6 | 0.0 | –0.6 | 0.0) |
| Items that will be reclassified subsequently to profit or loss | –111.9 | –37.1 | 5.6 | –60.6 |
| Other result after deferred taxes | –114.2 | –40.6 | 5.6 | –65.7 |
| Comprehensive income | 327.3 | 393.4 | 348.5 | 207.5 |
| thereof attributable to non-controlling interests | 19.9 | 50.6 | 39.6 | 32.2 |
| thereof attributable to shareholders of Fraport AG | 307.4 | 342.8 | 308.9 | 175.3 |
{10}------------------------------------------------
Consolidated Statement of Financial Position (IFRS)
Assets
| € million | September 30, 2025 | December 31, 2024 |
|---|---|---|
| Non-current assets | ||
| Goodwill | 19.3 | 19.3 |
| Investments in airport operating projects | 4,366.5 | 4,547.5 |
| Other intangible assets | 96.1 | 98.6 |
| Property, plant and equipment | 10,332.7 | 9,850.3 |
| Investment property | 86.0 | 82.6 |
| Investments in companies accounted for using the equity method | 510.4 | 556.8 |
| Other financial assets | 633.0 | 834.3 |
| Other financial receivables and assets | 74.7 | 107.9 |
| Other non-financial receivables and assets | 82.3 | 85.5 |
| Deferred tax assets | 95.5 | 93.0 |
| 16,296.5 | 16,275.8 | |
| Current assets | ||
| Inventories | 28.4 | 24.8 |
| Trade accounts receivable | 403.3 | 288.6 |
| Other current financial assets | 542.4 | 682.0 |
| Other current financial receivables and assets | 92.1 | 117.6 |
| Other current non-financial receivables and assets | 125.4 | 184.1 |
| Income tax receivables | 47.2 | 33.7 |
| Cash and cash equivalents | 2,863.4 | 2,646.2 |
| 4,102.2 | 3,977.0 | |
| Total | 20,398.7 | 20,252.8 |
Liabilities and equity
| € million | September 30, 2025 | December 31, 2024 |
|---|---|---|
| Shareholders' equity | ||
| Issued capital | 924.7 | 923.9 |
| Capital reserve | 602.4 | 598.5 |
| Revenue reserves | 3,614.6 | 3,306.2 |
| Equity attributable to shareholders of Fraport AG | 5,141.7 | 4,828.6 |
| Non-controlling interests | 342.3 | 349.5 |
| 5,484.0 | 5,178.1 | |
| Non-current liabilities | ||
| Financial liabilities | 11,155.1 | 10,996.8 |
| Trade accounts payable | 80.4 | 81.3 |
| Other financial liabilities | 1,086.5 | 1,072.8 |
| Other non-financial liabilities | 62.1 | 70.1 |
| Deferred tax liabilities | 124.0 | 164.1 |
| Provisions for pensions and similar obligations | 35.5 | 36.5 |
| Provisions for income taxes | 67.9 | 63.2 |
| Other provisions | 105.8 | 113.3 |
| 12,717.3 | 12,598.1 | |
| Current liabilities | ||
| Financial liabilities | 947.6 | 1,328.3 |
| Trade accounts payable | 384.4 | 488.5 |
| Other current financial liabilities | 189.6 | 156.9 |
| Other current non-financial liabilities | 327.8 | 260.5 |
| Provisions for income taxes | 160.9 | 46.3 |
| Other provisions | 187.1 | 196.1 |
| 2,197.4 | 2,476.6 | |
| Total | 20,398.7 | 20,252.8 |
{11}------------------------------------------------
Consolidated Statement of Cash Flows (IFRS)
| € million | 9M 2025 | 9M 2024 | Q3 2025 | Q3 2024 |
|---|---|---|---|---|
| Result attributable to shareholders of Fraport AG | 397.7 | 379.8 | 302.9 | 229.7 |
| Result attributable to non-controlling interests | 43.8 | 54.2 | 40.0 | 43.5 |
| Adjustments for | ||||
| Taxes on income | 144.6 | 133.8 | 104.2 | 83.2 |
| Depreciation and amortization | 397.3 | 385.9 | 142.5 | 127.3 |
| Interest result | 162.8 | 162.3 | 48.1 | 54.7 |
| Gains/losses from disposal of non-current assets | –4.1 | –1.7 | –5.1 | 0.1 |
| Others | –11.9 | –10.8 | –3.4 | –5.5 |
| Changes in the measurement of companies accounted for using the equity method |
12.5 | –63.5 | –42.6 | –52.2 |
| Changes in inventories | –3.7 | 2.7 | –0.6 | 0.3 |
| Changes in receivables and financial assets | –43.0 | –129.1 | 48.5 | –17.8 |
| Changes in liabilities | 77.0 | 128.3 | 53.7 | 105.7 |
| Changes in provisions | –11.6 | –9.3 | 35.6 | 12.3 |
| Operating activities | 1,161.4 | 1,032.6 | 723.8 | 581.3 |
| Financial activities | ||||
| Interest paid | –197.7 | –165.1 | –50.4 | –44.7 |
| Interest received | 110.4 | 90.3 | 48.1 | 27.4 |
| Paid taxes on income | –68.5 | –61.5 | –40.5 | –26.7 |
| Cash flow from operating activities | 1,005.6 | 896.3 | 681.0 | 537.3 |
| Investments in airport operating projects | –241.7 | –396.2 | –61.5 | –144.3 |
| Capital expenditure for other intangible assets | –5.5 | –4.8 | –1.1 | –2.1 |
| Capital expenditure for property, plant, and equipment | –732.4 | –845.1 | –264.5 | –302.0 |
| Capital expenditure for "Investment property" | –1.9 | 0.0 | –0.3 | 0.0 |
| Investments in companies accounted for using the equity method | –1.4 | –0.3 | –0.4 | –0.1 |
| Sale of shares in other investments | 104.3 | 0.0 | 0.0 | 0.0 |
| Dividends from companies accounted for using the equity method | 58.6 | 64.6 | 30.3 | 56.7 |
| Proceeds from disposal of non-current assets | 9.0 | 3.1 | 8.7 | 0.4 |
| Cash flow used in investing activities excluding | ||||
| investments in cash deposits and securities | –811.0 | –1,178.7 | –288.8 | –391.4 |
| Financial investments in securities and promissory note loans | –424.9 | –541.6 | –64.5 | –182.9 |
| Proceeds from disposal of securities and promissory note loans | 655.2 | 759.0 | 136.2 | 168.3 |
| Increase/decrease of time deposits with a term of more | ||||
| than three months | –339.9 | –60.0 | –255.0 | 42.8 |
| Cash flow used in investing activities | –920.6 | –1,021.3 | –472.1 | –363.2 |
| Dividends paid to non-controlling interests | –31.1 | –16.6 | –10.5 | –0.1 |
| Sale of own shares | 5.7 | 0.0 | 5.7 | 0.0 |
| Capital increase non-controlling interests | 4.0 | 23.0 | 0.0 | 10.6 |
| Cash inflow from long-term financial liabilities | 911.6 | 1,596.7 | 470.4 | 109.8 |
| Repayment of long-term financial liabilities | –873.6 | –1,368.0 | –364.4 | –127.2 |
| Changes in current financial liabilities and other financing activities | –210.9 | –52.4 | –73.3 | –3.4 |
| Cash flow from/ used in financing activities | –194.3 | 182.7 | 27.9 | –10.3 |
| Change in cash and cash equivalents | –109.3 | 57.7 | 236.8 | 163.8 |
| Cash and cash equivalents as at January 1 and July 1 | 950.5 | 796.5 | 589.1 | 689.5 |
| Foreign currency translation effects on cash and cash equivalents | –13.4 | –7.8 | 1.9 | –6.9 |
| Cash and cash equivalents as at September 30 | 827.8 | 846.4 | 827.8 | 846.4 |
{12}------------------------------------------------
Consolidated Statement of Changes in Equity (IFRS)
| Issued capital | Capital reserve | |
|---|---|---|
| € million | ||
| As at January 1, 2025 | 923.9 | 598.5 |
| Foreign currency translation effects | – | – |
| Income and expenses from companies accounted for using the equity method directly recognized in equity | – | – |
| Remeasurements of defined benefit pension plans | – | – |
| Equity instruments measured at fair value | – | – |
| Reclassification of cumulative gains/losses resulting from the disposal of equity instruments measured at fair value through other comprehensive income |
– | – |
| Debt instruments measured at fair value | – | – |
| Fair value changes of derivatives | – | – |
| Other result | – | – |
| Sale of own shares | 0.8 | 3.9 |
| Distributions | – | – |
| Group result | – | – |
| Capital contributions | – | – |
| As at September 30, 2025 | 924.7 | 602.4 |
| As at January 1, 2024 | 923.9 | 598.5 |
| Foreign currency translation effects | – | – |
| Income and expenses from companies accounted for using the equity method directly recognized in equity | – | – |
| Remeasurements of defined benefit pension plans | – | – |
| Equity instruments measured at fair value | – | – |
| Debt instruments measured at fair value | – | – |
| Fair value changes of derivatives | – | – |
| Other result | – | – |
| Distributions | – | – |
| Group result | – | – |
| Capital contributions | – | – |
| As at September 30, 2024 | 923.9 | 598.5 |
{13}------------------------------------------------
| Share-holders' equity (total) |
Non-controlling inte rests |
Equity attributable to shareholders of Fraport AG |
Revenue reserves (to tal) |
Financial instruments | Foreign currency re serve |
Revenue reserves |
|---|---|---|---|---|---|---|
| 5,178.1 | 349.5 | 4,828.6 | 3,306.2 | 95.9 | –71.2 | 3,281.5 |
| –104.8 | –20.3 | –84.5 | –84.5 | – | –84.5 | – |
| 7.5 | – | 7.5 | 7.5 | 6.4 | – | 1.1 |
| 1.0 | – | 1.0 | 1.0 | – | – | 1.0 |
| –4.4 | – | –4.4 | –4.4 | –4.4 | – | – |
| – | – | – | – | –77.1 | – | 77.1 |
| 4.6 | – | 4.6 | 4.6 | 4.6 | – | – |
| –18.1 | –3.6 | –14.5 | –14.5 | –14.5 | – | – |
| –114.2 | –23.9 | –90.3 | –90.3 | –85.0 | –84.5 | 79.2 |
| 5.7 | – | 5.7 | 1.0 | – | – | 1.0 |
| –31.1 | –31.1 | – | – | – | – | – |
| 441.5 | 43.8 | 397.7 | 397.7 | – | – | 397.7 |
| 4.0 | 4.0 | – | – | – | – | – |
| 5,484.0 | 342.3 | 5,141.7 | 3,614.6 | 10.9 | –155.7 | 3,759.4 |
| 4,592.3 | 273.6 | 4,318.7 | 2,796.3 | 63.1 | –97.6 | 2,830.8 |
| –44.5 | –2.1 | –42.4 | –42.4 | – | –42.4 | – |
| 0.3 | – | 0.3 | 0.3 | – | – | 0.3 |
| 1.1 | – | 1.1 | 1.1 | – | – | 1.1 |
| –4.9 | – | –4.9 | –4.9 | –4.9 | – | – |
| 14.8 | – | 14.8 | 14.8 | 14.8 | – | – |
| –7.4 | –1.5 | –5.9 | –5.9 | –5.9 | – | – |
| –40.6 | –3.6 | –37.0 | –37.0 | 4.0 | –42.4 | 1.4 |
| –16.6 | –16.6 | – | – | – | – | – |
| 434.0 | 54.2 | 379.8 | 379.8 | – | – | 379.8 |
| 23.0 | 23.0 | – | – | – | – | – |
| 4,992.1 | 330.6 | 4,661.5 | 3,139.1 | 67.1 | –140.0 | 3,212.0 |
{14}------------------------------------------------
Further information on the accounting and valuation methods used can be found in the most recent annual report at www.fraport.com/publications.
Financial Calendar 2026
Tuesday, March 17, 2026
2025 Annual Report, press conference, conference call with analysts and investors
Tuesday, May 5, 2026
Interim Release Q1/3M 2026,
conference call with analysts and investors
Tuesday, May 12, 2026
Annual General Meeting 2026,
Frankfurt/Main
Thursday, August 6, 2026
Interim Report Q2/6M 2026,
conference call with analysts and investors
Wednesday, November 4, 2026
Interim Release Q3/9M 2026
press conference, conference call with analysts and investors
Traffic Calendar 2025/2026
(Online publication: www.fraport.com/traffic-figures)
Thursday, November 13, 2025
October 2025
Thursday, December 11, 2025
November 2025
Friday, January 16, 2026
December 2025/FY 2025
Thursday, February 12, 2026
January 2026
Thursday, March 12, 2026
February 2026
Wednesday, April 15, 2026
March 2026/3M 2026
Friday, May 15, 2026
April 2026
Friday, June 12, 2026
May 2026
Monday, July 13, 2026
June 2026/6M 2026
Thursday, August 13, 2026
July 2026
Friday, September 11, 2026
August 2026
Tuesday, October 13, 2026
September 2026/9M 2026
Thursday, November 12, 2026
October 2026
Friday, December 11, 2026
November 2026
Monday, January 18, 2027
December 2026/FY 2026
Imprint
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Fraport AG Frankfurt Airport Services Worldwide This report was complied with the system SmartNotes.
Germany Editorial Deadline
www.fraport.com November 10, 2025
Fraport AG In case of any uncertainties which arise due to errors in Christoph Nanke translation, the German version of the Interim Report is
E-Mail: [email protected] The use of rounded amounts and percentages means www.meet-ir.com slight discrepancies may occur due to commercial rounding.