Adjusted for revenues from construction and expansion measures in line with IFRIC 12, revenue increased by 8.2 percent to 4.2 billion euros. Group EBITDA rose by 10.4 percent to 1.44 billion euros, while free cash flow improved significantly by around 700 million euros, reaching 24.4 million euros compared to -674.7 million euros in 2024.
Dr. Stefan Schulte, CEO of Fraport, stated: “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 Dr. Schulte. “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.”
Total annual revenue reached 4.21 billion euros (2024: 3.89 billion euros), supported by increased passenger numbers, price effects, and higher demand for ground handling services. However, the Group result (net profit) declined by 6.7 percent to 468.1 million euros, primarily due to higher depreciation and amortization, as well as interest expenses linked to the terminal opening in Lima. The 2024 result also included a one-off gain of 45 million euros from the Russia divestiture.
The ratio of net financial liabilities to EBITDA improved from 6.4 in 2024 to 5.7, reflecting the gradual completion of capacity expansion projects at airports in Lima, Antalya, and Frankfurt.
Passenger traffic across the Group reached 184 million in 2025, exceeding pre-pandemic levels of 2019 by 1 percent. Growth was particularly strong at the 14 Greek airports, which recorded a 23 percent increase compared to 2019, as well as at Antalya (up 10 percent) and Lima (up 8 percent).
Frankfurt Airport continued to lag behind pre-pandemic levels, with passenger numbers remaining 10 percent below 2019 figures, despite a 2.6 percent increase in 2025. The gap between Frankfurt and the Group’s international airports widened further during the year.
Commenting on the German market, Dr. Stefan Schulte stated: “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.”
Frankfurt Airport’s new Terminal 3 is scheduled to begin operations on April 23, 2026. Following a ten-year construction period and an investment of approximately 4 billion euros, the terminal will add capacity for around 19 million passengers annually. It will feature new technologies, including advanced check-in systems, baggage handling, and CT scanners at security checkpoints.
Airlines currently operating from Terminal 2 will relocate to Terminal 3 in four phases before the summer travel period, while Condor is expected to move in summer 2027. The shift will free up capacity in Terminal 1 and support further growth ahead of the planned refurbishment of Terminal 2.
From July 2026, Fraport will begin sourcing renewable energy from an offshore wind farm in the North Sea. This will enable 100 percent of electricity consumption at Frankfurt Airport to come from green energy sources, supporting the Group’s target of achieving Net Zero status for Scope 1 and Scope 2 emissions at all wholly-owned airports by 2045.
For 2026, Fraport forecasts Group passenger traffic to reach between 188 million and 195 million passengers, with Frankfurt expected to handle around 65 to 66 million passengers. Group EBITDA is projected to increase to approximately 1.5 billion euros.
Despite expected growth in operating performance, the Group result is forecast to decline to between 300 million and 400 million euros, due to higher depreciation and amortization and increased interest expenses associated with Terminal 3. The ratio of net financial liabilities to EBITDA is expected to improve further, supporting the Group’s plan to maintain a dividend of €1.00 per share.
