Fraport AG Frankfurt Airport Services Worldwide

Latest Results (14.05.2026):

Fraport AG Frankfurt Airport Services Worldwide – Q1 2026: Group revenue rose to €882.1m (adjusted for IFRIC 12: €853.4m, +5.2% y/y) and EBITDA improved to €196.0m (+10.4% y/y). Despite higher EBITDA, the Group reported a net loss of –€33.1m (basic EPS –€0.19) in Q1 2026, driven by higher depreciation (notably after the new Lima terminal) and a weaker financial result; the Executive Board affirms its full‑year 2026 guidance assuming ongoing kerosene availability.

Top‑line and EBITDA

Q1 2026 revenue €882.1m (+1.6% y/y); revenue adjusted for IFRIC 12 €853.4m (+5.2%). Group EBITDA €196.0m (+€18.5m, +10.4% y/y), supported by price and volume improvements at Frankfurt and growth at Lima and in Brazil.

Net result, EPS and drivers

Group result –€33.1m (Q1 2025: –€26.4m); basic EPS –€0.19. Higher depreciation/amortization (+€14.3m, to €139.7m) related to Lima terminal and a worsened financial result (–€100.5m) – mainly lower interest income and higher interest expenses – weighed on profitability despite higher operating earnings.

Costs and personnel

Operating expenses (cost of materials, personnel, other) €712.5m (broadly in line with prior year); personnel expenses rose to €343.1m (+€19.7m, +6.1%) due to collective bargaining agreement increases and higher headcount.

Cash flow, investment and liquidity

Operating cash flow was €0.7m (Q1 2025: €12.1m). Free cash flow improved to –€309.0m (Q1 2025: –€353.3m) due to lower capex. Group liquidity stood at €3,650.8m (down €225.2m vs. Dec 31, 2025); net financial debt rose to €8,549.2m (+€358.7m).

Traffic development

Passenger volumes increased across all Group airports in Q1 2026; Frankfurt handled 12.704m passengers (+2.3% y/y). Some demand shifts (declines to/from Middle East) were offset by growth on Far East and African routes and seasonal leisure travel (Easter).

Segment highlights

Aviation revenue €280.1m (up €9.8m) and EBITDA €45.5m; Retail & Real Estate revenue €125.5m with EBITDA €86.0m (net retail revenue per passenger down to €3.33); Ground Handling revenue €195.7m with EBITDA loss narrowing to –€5.6m; International Activities & Services revenue €280.8m (IFRIC‑adjusted €252.1m) with EBITDA €70.1m but EBIT compressed by higher D&A at Lima to €0.3m.

Outlook and key risks

The Executive Board confirms its 2026 forecasts, contingent on secure kerosene supply and stable travel behavior. It identifies the Iran war and elevated oil/kerosene prices as potential risks to demand and operations; based on current information the Board assesses a kerosene shortage as possible but with low probability.