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Fraport AG
Quarterly Report • May 15, 2025
163_rns_2025-05-15_49fd69ce-69c3-4b92-96f4-f10d1f32e9dc.pdf
Quarterly Report
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Overview by the Executive Board
Traffic development at the Group's airports was mixed in the first quarter of 2025. Frankfurt experienced a decline in passenger numbers, whereas many of the group's airports in Greece as well as Lima benefited from continued traffic growth.
Price effects led to an increase in revenue from airport charges, infrastructure fees, and ground services. Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, the Group-wide revenue rose by €47.8 million to €811.3 million (+6.3%).
Operating expenses (material and personnel costs as well as other operating expenses) amounted to €714.3 million (Q1 2024: €727.2 million). Adjusted for IFRIC 12, operating expenses increased by €56.6 million to €657.1 million, primarily due to higher concession charges driven by traffic volumes as well as increased personnel costs. At €177.5 million, Group EBITDA in the reporting period was below the previous year's figure, which was characterized by special effects (Q1 2024: €212.6 million). The Group result decreased significantly to -€26.4 million (-€39.1 million).
Concession payments in Greece were the main reason behind cash flow from operating activities being €12.1 million (Q1 2024: €161.6 million). Free cash flow deteriorated to -€353.3 million (Q1 2024: -€226.1 million). Compared to December 31, 2024, the Group's liquidity decreased by €374.5 million to €3,562.1 million, and net financial debt reached €8,631.2 million (+€242.7 million).
Overall, the Executive Board describes the operational and financial development over the entire year as stable and maintains its overall forecasts for 2025 (see also the "Business Outlook" chapter).
Key Figures
| in € million | Q1 2025 | Q1 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 868.5 | 890.2 | – 21.7 | – 2.4 |
| Revenue adjusted for IFRIC 12 | 811.3 | 763.5 | +47.8 | +6.3 |
| EBITDA | 177.5 | 212.6 | – 35.1 | – 16.5 |
| EBIT | 52.1 | 82.9 | – 30.8 | – 37.2 |
| EBT | – 35.9 | 17.0 | – 52.9 | – |
| Group result | – 26.4 | 12.7 | – 39.1 | – |
| Earnings per share (basic) (€) | – 0.18 | 0.18 | – 0.36 | – |
| Operating cash flow | 12.1 | 161.6 | – 149.5 | – 92.5 |
| Free cash flow | – 353.3 | –226.1 | – 127.2 | – |
| Number of employees as of March 31 | 19,431 | 18,448 | +983 | +5.3 |
| Average number of employees | 19,342 | 18,284 | +1,058 | +5.8 |
| in € million | March 31, 2025 | December 31, 2024 | Change | Change in % |
|---|---|---|---|---|
| Shareholders' equity | 5,113.8 | 5,178.1 | – 64.3 | – 1.2 |
| Shareholders' equity ratio (%) | 24.1 | 23.8 | +0.3 PP | – |
| Group liquidity | 3,562.6 | 3,936.6 | – 374.0 | – 9.5 |
| Net financial debt | 8,631.2 | 8,388.5 | +242.7 | +2.9 |
| Gearing ratio (%) | 180.6 | 173.7 | +6.9 PP | – |
| Total assets | 19,827.0 | 20,252.8 | – 425.8 | – 2.1 |
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 and was not reviewed or audited by an independent auditor.
Operating Performance
Traffic development at the Group sites
| Share in % | Passengers1) | Cargo (air freight + air mail in m. t.) | ||||
|---|---|---|---|---|---|---|
| Q1 2025 | Change in %2) | Q1 2025 | Change in %2) | |||
| Frankfurt | 100 | 12,415,039 | – 0,9 | 474,981 | +0.7 | |
| Ljubljana | 100 | 248,326 | – 3,7 | 2,829 | – 2.7 | |
| Fortaleza | 100 | 1,422,633 | +2.1 | 11,883 | +6.8 | |
| Porto Alegre | 100 | 1,543,787 | – 8,5 | 9,565 | – 11.0 | |
| Lima | 80.01 | 6,217,066 | +8.1 | 62,501 | +21.7 | |
| Fraport Greece | 65 | 2,156,093 | +2.8 | 1,269 | – 13.8 | |
| Twin Star | 60 | 227,944 | – 0,9 | 46 | – 82.2 | |
| Antalya | 51/503) | 2,958,996 | – 7.3 | 0 | n.a |
1) Commercial traffic only, in + out + transit.
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%.
In the first quarter of 2025, Frankfurt airport handled 12.4 million passengers. This represented a slight decline of 0.9% compared to the same quarter of the previous year, which was negatively impacted by numerous strikes but positively influenced by the leap year effect. In addition to weaker performance of Western European destinations and Middle East traffic, the later timing of the Easter holidays compared to the previous year also had a negative impact.
At around 475,000 tons, Frankfurt Airport slightly exceeded the previous year's cargo tonnage in the first quarter of 2025. While traffic with China increased significantly, traffic with the USA was below the previous year's level.
At the international Group airports, the development of passenger numbers was mixed. In Greece, there was further improvement in traffic volume compared to the same period of last year. The Group airport in Lima also benefited from traffic growth. Traffic increased at the Fortaleza site as well. On the other hand, passenger numbers at the Porto Alegre site showed a declining trend. After the floods and the temporary suspension of flight operations in 2024, traffic is still in an ongoing ramp-up phase. Airports in Slovenia, Bulgaria, and Antalya experienced a decline in traffic compared to the previous year.
Financial Performance
The group's results of operations
Revenue
In the first quarter of 2025, the Group revenue amounted to €868.5 million, which was €21.7 million less than the previous year's figure (-2.4%). However, adjusted for contract revenue from construction and expansion services related to the application of IFRIC 12, revenues increased by €47.8 million to €811.3 million (+6.3%). The increase at the Frankfurt site is mainly attributable to price-induced higher revenues from airport charges (+€7.8 million) as well as increased revenues from ground services (+€10.3 million) and infrastructure charges (+€9.5 million). Outside of Frankfurt, particularly the Group company in Lima (+€9.5 million) as well as Fraport Greece (+€3.9 million) contributed to the adjusted revenue growth due to the positive traffic development. Fraport USA also made a contribution (+€3.5 million).
Other operating income
At €6.1 million, other operating income was €28.3 million lower than in the same period of the previous year. The first quarter of 2024 was mainly affected by the compensation of the negative economic effects of the coronavirus pandemic at Fraport Greece (€28.0 million).
Expenses
In the first three months of 2025, non-staff costs (cost of materials and other operating expenses) amounted to €390.9 million (-€57.5 million). Adjusted for expenses related to the application of IFRIC 12, non-staff expenses totaled €333.7 million (+€12.0 million). Increased expenses for external services (+€12.0 million), as well as variable concession fees and revenuedependent lease payments at the international Group companies (+€7.5 million) were offset by a decrease in expenses for external personnel at the Frankfurt location (-€4.2 million). Personnel expenses in the Group were €323.4 million, which was €44.6 million higher than the figure for the same period last year. This increase compared to the previous quarter is mainly attributable to increases in the collective bargaining agreement and a higher headcount at the Frankfurt site.
EBITDA and EBIT
At €177.5 million, Group EBITDA was €35.1 million below the previous year. Depreciation and amortization decreased to €125.4 million (-3.3%). This led to a Group EBIT of €52.1 million (Q1 2024: €82.9 million).
Financial result
The financial result amounted to -€88.0 million (Q1 2024: -€65.9 million). This change compared to the same quarter of the previous year was mainly due to lower earnings from companies accounted for using the equity method (-€30.8 million), particularly due to a lower contribution of earnings from the two Group companies in Antalya, primarily related to changes in deferred taxes following the devaluation of the Turkish lira.
In contrast, interest result improved by €5.1 million compared to the previous year, primarily due to lower interest expenses (-€6.3 million). Higher financing costs were offset by increased capitalizations of interest expenses relating to construction work. Additionally, other financial results improved (+€3.6 million), in particular due to higher foreign currency translation rate compared to the first quarter of 2024.
EBT, Group result, and EPS
EBT was -€35.9 million (Q1 2024: €17.0 million). With an income tax relief of €9.5 million (Q1 2024: income tax expense of €4.3 million), the Group result was -€26.4 million (Q1 2024: €12.7 million). Consequently, the undiluted earnings per share amounted to -€0.18 (Q1 2024: €0.18).
Development of the Group's financial figures
| € million | Q1 2025 | Q1 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 868.5 | 890.2 | –21.7 | –2.4 |
| Revenue adjusted for IFRIC 12 | 811.3 | 763.5 | +47.8 | +6.3 |
| Personnel expenses | 323.4 | 278.8 | +44.6 | +16.0 |
| Cost of materials | 344.3 | 396.5 | –52.2 | –13.2 |
| Cost of materials adjusted for IFRIC 12 | 287.1 | 269.8 | +17.3 | +6.4 |
| EBITDA | 177.5 | 212.6 | –35.1 | –16.5 |
| Depreciation and amortization | 125.4 | 129.7 | –4.3 | –3.3 |
| EBIT | 52.1 | 82.9 | –30.8 | –37.2 |
Results of Operations for Segments
In the first quarter of 2025, revenue in the Aviation segment was €270.3 million, €4.7 million higher than the previous year's figure. Price increases led to higher revenue from airport charges of €7.8 million to €202.3 million despite the decline in traffic volume. Revenue from aviation security charges decreased by €2.8 million to €53.1 million compared
to the previous quarter, partly due to traffic. Personnel expenses in the segment amounted to €75.0 million. Increases in the collective bargaining agreement at the Frankfurt site and the higher number of employees had an increasing effect. The cost of materials rose to €68.5 million (+€6.4 million). This was due to higher expenses for external services in connection with the management of aviation security services as a result of the increase in the collective bargaining agreement. Segment EBITDA was €43.4 million (Q1 2024: €57.0 million). EBIT amounted to €5.7 million (Q1 2024: €17.5 million).
Aviation
| in € million | Q1 2025 | Q1 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 270.3 | 265.6 | +4.7 | +1.8 |
| Personnel expenses | 75.0 | 64.7 | +10.3 | +15.9 |
| Cost of materials | 68.5 | 62.1 | +6.4 | +10.3 |
| EBITDA | 43.4 | 57.0 | – 13.6 | – 23.9 |
| Depreciation and amortization | 37.7 | 39.5 | – 1.8 | – 4.6 |
| EBIT | 5.7 | 17.5 | – 11.8 | – 67.4 |
| Number of employees as of March 31 | 3,766 | 3,542 | +224 | +6.3 |
| Average number of employees | 3,756 | 3,529 | +227 | +6.4 |
Revenue in the Retail & Real Estate segment amounted to €122.7 million during the reporting period (+€3.7 million). The increase was primarily due to higher parking revenues (+€2.1 million). The net retail revenue per passenger rose to €3.41 (Q1 2024: €3.35). Personnel expenses increased due to increases in the collective bargaining agreement (+€1.4 million), while cost of materials decreased (-€4.4 million). Due to higher internal charges, EBITDA was at the previous year's level, totaling €83.2 million (+€0.4 million). Segment EBIT was €60.0 million (+€1.1 million).
Retail & Real Estate
| in € million | Q1 2025 | Q1 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 122.7 | 119.0 | +3.7 | +3.1 |
| Personnel expenses | 14.7 | 13.3 | +1.4 | +10.5 |
| Cost of materials | 36.9 | 41.3 | – 4.4 | – 10.7 |
| EBITDA | 83.2 | 82.8 | +0.4 | +0.5 |
| Depreciation and amortization | 23.2 | 23.9 | – 0.7 | – 2.9 |
| EBIT | 60.0 | 58.9 | +1.1 | +1.9 |
| Number of employees as of March 31 | 618 | 605 | +13 | +2.1 |
| Average number of employees | 613 | 602 | +11 | +1.8 |
At €180.6 million, revenue in the Ground Handling segment in the first quarter of 2025 was €20.9 million higher than in the previous year. Price increases led to higher revenue from infrastructure charges (+€9.5 million), while revenue from ground services increased (+€10.3 million) due to temporary market share gains and price-related factors. Personnel expenses rose to €137.7 million (+€22.6 million), driven by increases in the collective bargaining agreement at the Frankfurt site and an increase in headcount. Cost of materials remained at the previous year's level, amounting to €26.7 million (-€0.3 million). EBITDA improved in the reporting period, reaching -€18.0 million (Q1 2024: -€19.9 million). EBIT was -€27.3 million (Q1 2024: -€30.3 million).
Ground Handling
| in € million | Q1 2025 | Q1 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 180.6 | 159.7 | +20.9 | +13.1 |
| Personnel expenses | 137.7 | 115.1 | +22.6 | +19.6 |
| Cost of materials | 26.7 | 27.0 | – 0.3 | – 1.1 |
| EBITDA | – 18.0 | – 19.9 | +1.9 | – |
| Depreciation and amortization | 9.3 | 10.4 | – 1.1 | – 10.6 |
| EBIT | – 27.3 | – 30.3 | +3.0 | – |
| Number of employees as of March 31 | 8,637 | 8,190 | +447 | +5.5 |
| Average number of employees | 8,608 | 8,122 | +486 | +6.0 |
In the first quarter of 2025, revenue in the International Activities & Services segment amounted to €294.9 million (-€51.0 million). Adjusted for contract revenue from construction and expansion services based on the application of IFRIC 12, revenue increased to €237.7 million (+€18.5 million). The Group company in Lima as well as Fraport Greece particularly benefited from increases in traffic, with revenue growth adjusted for IFRIC 12 of €9.5 million and €3.9 million, respectively. Fraport USA also saw an increase in revenue by €3.5 million. Price and personnel volume effects led to an increase in segment personnel expenses (+€10.3 million). The segment´s cost of materials decreased compared to the same quarter last year by €53.9 million to €212.2 million. Adjusted for expenses related to the application of IFRIC 12, cost of materials increased by €15.6 million to €155.0 million. This was primarily due to higher revenue-related concession charges, especially at the Group company in Lima. In the previous year, EBITDA was positively affected by the compensation for the negative economic effects of the coronavirus pandemic at Fraport Greece (€28.0 million). Segment EBITDA totaled €68.9 million (Q1 2024: €92.7 million), and
International Activities & Services
EBIT was €13.7 million (Q1 2024: €36.8 million).
| in € million | Q1 2025 | Q1 2024 | Change | Change in % |
|---|---|---|---|---|
| Revenue | 294.9 | 345.9 | – 51.0 | – 14.7 |
| Revenue adjusted for IFRIC 12 | 237.7 | 219.2 | +18.5 | +8.4 |
| Personnel expenses | 96.0 | 85.7 | +10.3 | +12.0 |
| Cost of materials | 212.2 | 266.1 | – 53.9 | – 20.3 |
| Cost of materials adjusted for IFRIC 12 | 155.0 | 139.4 | +15.6 | +11.2 |
| EBITDA | 68.9 | 92.7 | – 23.8 | – 25.7 |
| Depreciation and amortization | 55.2 | 55.9 | – 0.7 | – 1.3 |
| EBIT | 13.7 | 36.8 | – 23.1 | – 62.8 |
| Number of employees as of March 31 | 6,410 | 6,111 | +299 | +4.9 |
| Average number of employees | 6,365 | 6,031 | +334 | +5.5 |
Development of the key Group companies outside of Frankfurt (IFRS values before consolidation)
| in € million | Share in % | Revenue1) | EBITDA | EBIT | Result | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2025 | Q1 2024 | Δ % | Q1 2025 | Q1 2024 | Δ % | Q1 2025 | Q1 2024 | Δ % | Q1 2025 | Q1 2024 | Δ % | ||
| Fraport USA | 100 | 44.5 | 41.0 | +8.5 | 14.0 | 13.4 | +4.5 | 4.8 | 4.9 | – 2.0 | 2.7 | 2.8 | – 3.6 |
| Fraport Slovenija | 100 | 10.0 | 9.7 | +3.1 | 1.6 | 1.6 | – | – 0.9 | – 0.9 | – | – 0.7 | – 0.7 | – |
| Fortaleza + Porto Alegre2) | 100 | 32.6 | 26.0 | +25.4 | 11.4 | 12.6 | – 9.5 | 3.8 | 3.9 | – 2.6 | – 1.1 | – 2.6 | – |
| Lima | 80.01 | 139.9 | 206.6 | – 32.3 | 30.5 | 30.2 | +1.0 | 21.1 | 19.3 | +9.3 | 9.6 | 6.1 | +57.4 |
| Fraport Greece3) | 65 | 41.9 | 39.9 | +5.0 | – 2.6 | 27.5 | – | – 18.6 | 11.7 | – | – 29.3 | – 7.8 | – |
| Twin Star | 60 | 4.9 | 4.1 | +19.5 | – 1.5 | – 2.0 | – | – 3.8 | – 4.4 | – | – 4.7 | – 5.4 | – |
| Antalya4) | 51/505) | 27.5 | 37.1 | – 25.9 | 5.2 | 18.7 | – 72.2 | – 22.0 | – 11.5 | – | – 31.7 | – 9.3 | – |
1) Revenue adjusted by IFRIC 12: Lima Q1 2025: €95.5 million (Q1 2024: €86.0 million); Fraport Greece Q1 2025: €39.3 million (Q1 2024: €35.4 million); Fortaleza + Porto Alegre Q1 2025: €22.4 million (Q1 2024: €24.4 million).
2) Sum of the Group companies Fortaleza and Porto Alegre.
3) The Group companies Fraport Regional Airports of Greece A, Fraport Regional Airports of Greece B, and Fraport Regional Airports of Greece Management Company are collectively referred to as "Fraport Greece."
4) The Group company Antalya is accounted for using the equity method.
5) Fraport TAV Antalya Terminal, Isletmeciligi AS – operating company of the terminals at Antalya Airport, share of voting rights/dividend share 51%/50%.
Asset and capital structure
At €19,827.0 million as at March 31, 2025, total assets ware €425.8 million below the value as at December 31, 2024 (-2.1%).
In the current fiscal year, non-current assets decreased by €92.7 million to €16,183.1 million (-0.6%). The decrease was mainly due to other financial assets (-€141.5 million) as a result of the sale of the shares in Delhi Airport. Additionally, shares in companies accounted for using the equity method decreased by €36.9 million due to the negative earnings contribution of the joint ventures in the first three months of fiscal year 2025, primarily related to changes in deferred taxes following the devaluation of the Turkish lira at the two Group companies in Antalya. Furthermore, investments in airport operating projects fell by €31.1 million due to the devaluation of the US dollar against the Euro, despite ongoing expansion activities in Lima. In contrast, property, plant, and equipment increased (+€121.8 million), mainly due to investment measures at the Frankfurt site. As at March 31, 2025, current assets amounted to €3,643.9 million, a decrease of €333.1 million compared to the 2024 balance sheet date (-8.4%). This resulted from lower current financial assets (-€95.1 million), primarily due to scheduled disposals, and a decrease in cash and cash equivalents (-€244.6 million). This was partly due to the payment of variable concession fees at Fraport Greece as well as ongoing expansion measures in Frankfurt and Lima.
As at March 31, 2025, shareholders' equity amounted to €5,113.8 million (-1.2%), decreasing by €64.3 million in the first three months of the year. The decline was mainly due to the negative Group result (-€26.4 million) and a reduced currency reserve (-€29.4 million). The shareholders' equity ratio stood at 24.1% (December 31, 2024: 23.8%). Non-current liabilities decreased by €142.7 million to €12,455.4 million, primarily due to the reduction in long-term financial liabilities following maturity-related reclassifications at Fraport AG (-€103.5 million). Current liabilities fell by €218.8 million to €2,257.8 million (-8.8%), mainly due to lower other liabilities (-€97.2 million) and trade payables (-€56.2 million). Current financial liabilities decreased by €27.8 million (-2.1%) to €1,300.5 million.
Gross debt amounted to €12,193.8 million as at March 31, 2025 (December 31, 2024: €12,325.1 million). Group liquidity decreased to €3,562.6 million (December 31, 2024: €3,936.6 million). Correspondingly, net financial debt increased by €242.7 million to €8,631.2 million (December 31, 2024: €8,388.5 million). The gearing ratio reached 180.6% (December 31, 2024: 173.7%).
Statement of cash flows
Cash flow from operating activities significantly decreased to €12.1 million in the first quarter of 2025 (Q1 2024: €161.6 million). The decline of €149.5 million compared to the first quarter of the previous year was due to a lower operating result, negative effects from changes in working capital, particularly due to concession fees in Greece, and an increased balance of interest received and paid.
Cash flow used in investing activities without investments in cash deposits and securities amounted to €249.2 million, which was €127.8 million less than the previous year's figure. While there were lower cash outflows for expansion and extension measures at the Frankfurt site, there were slightly higher 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 capital expenditure in and revenue from securities, promissory note loans, and time deposits, the overall cash flow used in investing activities was €107.5 million (Q1 2024: €502.6 million).
Cash flow from financing activities decreased by €445.0 million to -€121.8 million due to lower borrowings and repayments, particularly from overnight and term deposits (Q1 2024: inflow of €323.2 million). Taking into account exchange rate fluctuations and other changes, the Fraport Group reported cash and cash equivalents of €730.6 million as of March 31, 2025 (March 31, 2024: €781.1 million).
Free cash flow was -€353.3 million (Q1 2024: -€226.1 million).
Events after the Balance Sheet Date
The conclusion of project financing for the new operator concession at Antalya Airport (FTA II) replaced the existing bridge loan on April 29, 2025. The project financing has a term of up to 13.5 years and a total volume of €2.5 billion. As a result, the full recourse liability originally assumed by the shareholders for the duration of the bridge loan no longer applies. In contrast, the project financing is partially secured by guarantees and sureties from Fraport AG and the co-shareholder.
There were no other significant events for the Fraport Group after the balance sheet date (March 31, 2025).
Risk and Opportunities Report
Compared to the business risks and opportunities listed in the Risk and Opportunity Report in the 2024 Annual Report, the following changes have occurred:
The new passenger terminal at Jorge Chávez Airport in Lima, Peru, operated by Lima Airport Partners (LAP), has not yet been inaugurated. This can take place in the near future with the support of the responsible authorities and once the operating license has been granted. The risks continue to be assessed as "moderate."
The conclusion of the project financing (see Events after the Balance Sheet Date) for the expansion project of the Group company in Antalya (FTA II) eliminates the associated risk.
Report on Forecast Changes
Business Outlook
Following the end of the first quarter of 2025, the Executive Board maintains its forecasts for Group-wide traffic developments. Accordingly, the Executive Board confirms its forecasts for the Group's asset, financial, and earnings position as well as for the forecasted segment development for the full year 2025 (see Outlook Report chapter in the 2024 Annual Report).
Consolidated Income Statement (IFRS)
| in € million | Q1 2025 | Q1 2024 |
|---|---|---|
| Revenue | 868.5 | 890.2 |
| Other internal work capitalized | 17.2 | 15.2 |
| Other operating income | 6.1 | 34.4 |
| Total revenue | 891.8 | 939.8 |
| Cost of materials | –344.3 | –396.5 |
| Personnel expenses | –323.4 | –278.8 |
| Other operating expenses | –46.6 | –51.9 |
| EBITDA | 177.5 | 212.6 |
| Depreciation and amortization | –125.4 | –129.7 |
| EBIT/Operating result | 52.1 | 82.9 |
| Interest income | 33.8 | 35.0 |
| Interest expenses | –84.2 | –90.5 |
| Result from companies accounted for using the equity method | –41.8 | –11.0 |
| Other financial result | 4.2 | 0.6 |
| Financial result | –88.0 | –65.9 |
| EBT/Result from ordinary operations | –35.9 | 17.0 |
| Taxes on income | 9.5 | –4.3 |
| Group result | –26.4 | 12.7 |
| thereof profit attributable to non-controlling interests | –10.1 | –3.6 |
| thereof profit attributable to shareholders of Fraport AG | –16.3 | 16.3 |
| Earnings per €10 share in € | ||
| basic | –0.18 | 0.18 |
| diluted | –0.18 | 0.18 |
Consolidated Statement of Comprehensive Income (IFRS)
| in € million | Q1 2025 | Q1 2024 |
|---|---|---|
| Group result | –26.4 | 12.7 |
| Remeasurements of defined benefit pension plans | 1.7 | 0.0 |
| (Deferred taxes related to those items | –0.5 | 0.0) |
| Equity instruments measured at fair value | –4.4 | 0.0 |
| Items that will not be reclassified subsequently to profit or loss | –3.2 | 0.0 |
| Fair value changes of derivatives | ||
| Changes recognized directly in equity | –12.1 | 19.9 |
| Realized gains (+)/losses (–) | 2.4 | 3.4 |
| –14.5 | 16.5 | |
| (Deferred taxes related to those items | 3.2 | –3.6) |
| Debt instruments measured at fair value | ||
| Changes recognized directly in equity | 3.2 | 3.5 |
| Realized gains (+)/losses (–) | 0.2 | 0.0 |
| 3.0 | 3.5 | |
| (Deferred taxes related to those items | –1.0 | –1.1) |
| Currency translation of foreign subsidiaries | ||
| Changes recognized directly in equity | –29.4 | 18.1 |
| –29.4 | 18.1 | |
| Items that will be reclassified subsequently to profit or loss | –38.7 | 33.4 |
| Other result after deferred taxes | –41.9 | 33.4 |
| Comprehensive income | –68.3 | 46.1 |
| thereof attributable to non-controlling interests | –19.1 | 2.5 |
| thereof attributable to shareholders of Fraport AG | -49.2 | 43.6 |
Consolidated Statement of Financial Position (IFRS)
Assets
| in € million | March 31, 2025 | December 31, 2024 |
|---|---|---|
| Non-current assets | ||
| Goodwill | 19.3 | 19.3 |
| Investments in airport operating projects | 4,516.4 | 4,547.5 |
| Other intangible assets | 100.5 | 98.6 |
| Property, plant, and equipment | 9,972.1 | 9,850.3 |
| Investment property | 82.9 | 82.6 |
| Investments in companies accounted for using the equity method | 519.9 | 556.8 |
| Other financial assets | 692.8 | 834.3 |
| Other financial receivables and assets | 95.8 | 107.9 |
| Other non-financial receivables and assets | 85.9 | 85.5 |
| Deferred tax assets | 97.5 | 93.0 |
| 16,183.1 | 16,275.8 | |
| Current assets | ||
| Inventories | 25.9 | 24.8 |
| Trade accounts receivable | 277.8 | 288.6 |
| Other current financial assets | 586.9 | 682.0 |
| Other current financial receivables and assets | 107.4 | 117.6 |
| Other current non-financial receivables and assets | 208.3 | 184.1 |
| Income tax receivables | 36.0 | 33.7 |
| Cash and cash equivalents | 2,401.6 | 2,646.2 |
| 3,643.9 | 3,977.0 | |
| Total | 19,827.0 | 20,252.8 |
Liabilities and equity
| in € million |
March 31, 2025 | December 31, 2024 |
|---|---|---|
| Shareholders' equity | ||
| Issued capital | 923.9 | 923.9 |
| Capital reserve | 598.5 | 598.5 |
| Revenue reserves | 3,257.0 | 3,306.2 |
| Equity attributable to shareholders of Fraport AG | 4,779.4 | 4,828.6 |
| Non-controlling interests | 334.4 | 349.5 |
| 5,113.8 | 5,178.1 | |
| Non-current liabilities | ||
| Financial liabilities | 10,893.3 | 10,996.8 |
| Trade accounts payable | 82.6 | 81.3 |
| Other financial liabilities | 1,038.8 | 1,072.8 |
| Other non-financial liabilities | 68.1 | 70.1 |
| Deferred tax liabilities | 165.2 | 164.1 |
| Provisions for pensions and similar obligations | 34.4 | 36.5 |
| Provisions for income taxes | 63.1 | 63.2 |
| Other provisions | 109.9 | 113.3 |
| 12,455.4 | 12,598.1 | |
| Current liabilities | ||
| Financial liabilities | 1,300.5 | 1,328.3 |
| Trade accounts payable | 432.3 | 488.5 |
| Other current financial liabilities | 160.0 | 156.9 |
| Other current non-financial liabilities | 160.2 | 260.5 |
| Provisions for income taxes | 20.4 | 46.3 |
| Other provisions | 184.4 | 196.1 |
| 2,257.8 | 2,476.6 | |
| Total | 19,827.0 | 20,252.8 |
Consolidated Statement of Cash Flows (IFRS)
| in € million | Q1 2025 | Q1 2024 |
|---|---|---|
| Result attributable to shareholders of Fraport AG | –16.3 | 16.3 |
| Result attributable to non-controlling interests | –10.1 | –3.6 |
| Adjustments for | ||
| Taxes on income | –9.5 | 4.3 |
| Depreciation and amortization | 125.4 | 129.7 |
| Interest result | 50.4 | 55.5 |
| Gains/losses from disposal of non-current assets | 1.4 | 0.3 |
| Others | –5.9 | –3.6 |
| Changes in the measurement of companies accounted for using the equity method | 41.8 | 11.0 |
| Changes in inventories | –1.1 | 3.2 |
| Changes in receivables and financial assets | –3.4 | –0.3 |
| Changes in liabilities | –116.1 | –30.3 |
| Changes in provisions | –9.7 | –14.9 |
| Operating activities | 46.9 | 167.6 |
| Financial activities | ||
| Interest paid | –52.4 | –18.8 |
| Interest received | 26.5 | 27.4 |
| Paid taxes on income | –8.9 | –14.6 |
| Cash flow from operating activities | 12.1 | 161.6 |
| Investments in airport operating projects | –119.9 | –107.0 |
| Investments for other intangible assets | –3.4 | –1.1 |
| Capital expenditure for property, plant, and equipment | –228.7 | –268.9 |
| Investments for "Investment property" | –0.7 | 0.0 |
| Sale of shares in other investments | 104.3 | 0.0 |
| Investments in companies accounted for using the equity method | –0.8 | –0.2 |
| Proceeds from disposal of non-current assets | 0.0 | 0.2 |
| Cash flow used in investing activities excluding investments in cash deposits and securities | –249.2 | –377.0 |
| Financial investments in securities and promissory note loans | –186.3 | –224.2 |
| Proceeds from disposal of securities and promissory note loans | 303.3 | 159.7 |
| Changes in time deposits with a term of more than three months | 24.7 | –61.1 |
| Cash flow used in investing activities | –107.5 | –502.6 |
| Capital increase "non-controlling interests" | 4.0 | 5.7 |
| Cash inflow from long-term financial liabilities | 104.0 | 797.6 |
| Repayment of non-current financial liabilities | –54.0 | –467.6 |
| Changes in current financial liabilities and other financing activities | –175.8 | –12.5 |
| Cash flow from financing activities | –121.8 | 323.2 |
| Change in cash and cash equivalents | –217.2 | –17.8 |
| Cash and cash equivalents as at January 1 | 950.5 | 796.5 |
| Foreign currency translation effects on cash and cash equivalents | –2.7 | 2.4 |
| Cash and cash equivalents as at March 31 | 730.6 | 781.1 |
Consolidated Statement of Changes in Equity (IFRS)
| Issued capital | Capital reserve | ||
|---|---|---|---|
| in € million | |||
| As at January 1, 2025 | 923.9 | 598.5 | |
| Foreign currency translation effects | – | – | |
| Remeasurement of defined benefit 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 | – | – | |
| Capital increase | – | – | |
| Group result | – | – | |
| As at March 31, 2025 | 923.9 | 598.5 | |
| As at January 1, 2024 | 923.9 | 598.5 | |
| Foreign currency translation effects | – | – | |
| Debt instruments measured at fair value | – | – | |
| Fair value changes of derivatives | – | – | |
| Other result | – | – | |
| Capital increase | – | – | |
| Group result | – | – | |
| As at March 31, 2024 | 923.9 | 598.5 |
| Revenue reserves | Foreign currency reserve |
Financial instruments | Revenue reserves (total) |
Equity attributable to shareholders of Fraport AG |
Non-controlling interests |
Share-holders' equity (total) |
|---|---|---|---|---|---|---|
| 3,281.5 | –71.2 | 95.9 | 3,306.2 | 4,828.6 | 349.5 | 5,178.1 |
| – | –22.7 | – | –22.7 | –22.7 | –6.7 | –29.4 |
| 1.2 | – | – | 1.2 | 1.2 | – | 1.2 |
| – | – | –4.4 | –4.4 | –4.4 | – | –4.4 |
| 77.1 | – | –77.1 | – | – | – | – |
| – | – | 2.0 | 2.0 | 2.0 | – | 2.0 |
| – | – | –9.0 | –9.0 | –9.0 | –2.3 | –11.3 |
| 78.3 | –22.7 | –88.5 | –32.9 | –32.9 | –9.0 | –41.9 |
| – | – | – | – | – | 4.0 | 4.0 |
| –16.3 | – | – | –16.3 | –16.3 | –10.1 | –26.4 |
| 3,343.5 | –93.9 | 7.4 | 3,257.0 | 4,779.4 | 334.4 | 5,113.8 |
| 2,830.8 | –97.6 | 63.1 | 2,796.3 | 4,318.7 | 273.6 | 4,592.3 |
| – | 14.6 | – | 14.6 | 14.6 | 3.5 | 18.1 |
| – | – | 2.4 | 2.4 | 2.4 | – | 2.4 |
| – | – | 10.3 | 10.3 | 10.3 | 2.6 | 12.9 |
| – | 14.6 | 12.7 | 27.3 | 27.3 | 6.1 | 33.4 |
| – | – | – | – | – | 5.7 | 5.7 |
| 16.3 | – | – | 16.3 | 16.3 | –3.6 | 12.7 |
| 2,847.1 | –83.0 | 75.8 | 2,839.9 | 4,362.3 | 281.8 | 4,644.1 |
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 2025
Tuesday, May 27, 2025 Annual General Meeting 2025, Frankfurt/Main
Tuesday, August 5, 2025 Tuesday, November 11, 2025 conference call with analysts and investors financial press conference,
Interim Report Q2/6M 2025, online publication, Interim Release Q3/9M 2025, online publication, conference call with analysts and investors
Traffic Calendar 2025/2026
(Online publication)
April 2025 July 2025 October 2025
Friday, June 13, 2025 Thursday, September 11, 2025 Thursday, December 11, 2025 May 2025 August 2025 November 2025
June 2025/6M 2025 September 2025/9M 2025 December 2025/FY 2025
Wednesday, May 14, 2025 Wednesday, August 13, 2025 Thursday, November 13, 2025
Friday, July 11, 2025 Tuesday, October 14, 2025 Thursday, January 15, 2026
Imprint
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60547 Frankfurt am Main Germany Editorial Deadline www.fraport.com May 12, 2025
Contact Investor Relations Disclaimer
Finance & Investor Relations the binding one. Phone: + 49 69 690-74840 Fax: + 49 69 690-74843 Rounding www.meet-ir.com slight discrepancies may occur due to
Fraport AG Frankfurt Airport Services Worldwide The report was compiled with the system SmartNotes.
Fraport AG In case of any uncertainties which arise due to errors in Christoph Nanke translation, the German version of the Interim Release is
E-Mail: [email protected] The use of rounded amounts and percentages means commercial rounding.
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 the underlying 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.