Fraport Ag · XETR:FRA
Fraport — Q3 2026 Earnings Presentation
50 slides from Fraport's earnings presentation, November 2026
Slide 1: 3Q26 Presentation
3Q26 PRESENTATION Dr. Stefan Schulte, CEO I Prof. Dr. Matthias Zieschang, CFO November 2026
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Fraport solely for use in this presentation. The information contained in this document has not been independently verified. No representation or warranty – whether express or implied – is made as to, and no reliance should be placed on, the fairness, ac
Slide 3: 3Q 2026 at a Glance: Vigorous International Growth
3Q 2026 AT A GLANCE VIGOROUS INTERNATIONAL GROWTH Group Passengers Group Aero Charges 68.7Mn +1.7Mn vs. PY +1.6Mn from Int. Activities EUR 655Mn +32Mn vs. PY +26Mn from Int. Activities 54% 3Q26 vs. 3Q25 Group Retail Sales Group EBITDA EUR 152Mn EUR 595Mn 47% +12Mn vs. PY +36Mn underlying vs. PY1 -In
Slide 4: Resilient Passenger Traffic Despite Macro Backdrop
PASSENGER TRAFFIC RESILIENT PASSENGER TRAFFIC DESPITE MACRO BACKDROP FRA: Impacted by Strikes, Weather, Internationals (ex. AYT) with continued and War in Middle East Traffic Momentum: FRA Prelim. Passenger Traffic: +3.1% in 3Q26 / +2.6% in 9M26 OCT: +/-0% Excl. for Strikes and Weather: YTD: -0.2% +
Slide 5: 9M 2026 Financials: International Activities Boost EBITDA
9M 2026 FINANCIALS INTERNATIONAL ACTIVITIES BOOST EBITDA TO ALL-TIME-HIGH Group Revenues ex IFRIC 12 Group EBITDA EUR3.35Bn +152Mn vs. PY +106Mn from Int. Activities EUR 1.18Bn +23Mn vs. PY +69Mn from Int. Activities 48% 9M26 vs. 9M25 Group Net Income Group Free Cash EUR 315Mn EUR 93Mn 43% -127Mn vs
Slide 6: Business Update: Portfolio Grows by New Regional Airports
BUSINESS UPDATE PORTFOLIO GROWS BY 2 NEW REGIONAL AIRPORTS Jericoacoara, Brazil ▪ Attractive region in proximity to one of Brazil’s most visited national parks ▪ Successful start of operations on September 1 Jericoacoara Kalamata, Greece ▪ Operational takeover Kalamata planned for November 6 ▪ Launc
Slide 7: Business Update: Robust T3 Performance
BUSINESS UPDATE ROBUST T3 PERFORMANCE ▪ Smooth Operational Start - despite EES ▪ Retail per Pax in 3Q26 +30% vs. T2 (+40% in Sep) - despite -21% Mid-East Pax ▪ ORAT Pier G underway to commence 3 Piers operations in Summer 2027 7 3Q26 Presentation, November 2026 Fraport AG
Slide 8: Business Update: FRA Winter Capacity
BUSINESS UPDATE FRA WINTER: L/H GROWTH VS. S/H IMPACT FROM CITYLINE CLOSURE ▪ Seat Capacities: –2% (L/H +5%, S/H –6%) ▪ Movements: –5% (L/H +7%, S/H –9%) ▪ Germany: –18% Seats, –24% Movements 8 3Q26 Presentation, November 2026 Fraport AG
Slide 9: 2026 Outlook: Unchanged Outlook
2026 OUTLOOK UNCHANGED OUTLOOK: GROUP-WIDE OPERATIONAL GROWTH Group Passengers FRA Passengers growth over about FY25 EBITDA Up to c.1.5Bn 2025 level 2025: EUR c.1.44Bn 2025: 183.7Mn 2025: 63.2Mn Group Result Net Debt/EBITDA DPS for 25FY 300-400Mn Improvement EUR 1.00 2025: EUR c.468Mn 2025: 5.7x 202
Slide 10: 3Q26 Presentation
3Q26 PRESENTATION Dr. Stefan Schulte, CEO I Prof. Dr. Matthias Zieschang, CFO November 2026
Slide 11: Cash Flow: Record Free Cash Flow Through Melt Down of Capex
CASH FLOW RECORD FREE CASH FLOW THROUGH MELT DOWN OF CAPEX EUR mn 8,692 +633 -29 8,263 -9 0 -13 +35 -119 -10 -45 -3 -9 Free Cash Flow 3Q26: € +461mn Other Fixed IAS 23 IFRS Divs from Other Net Debt OCF Brazil Greece Lima FRA Net Debt Capex Concession Borrowing 16 at equity June 30, 2026 Capex Capex
Slide 12: Available Funds & Repayment Profile
AVAILABLE FUNDS & REPAYMENT PROFILE WELL BALANCED MATURITY PROFILE & CASH REDUCTION 13.000 12.150 12.000 11.000 10.000 €9.8 bn Fraport AG debt 9.000 €1.0 bn Greece debt 8.000 Average debt condition 7.000 ~ 3.5% interest rate € 351 mn Brazil debt 6.000 5.000 1 4,409 € 1.0 bn Lima debt 4.000 3.888 23
Slide 13: Segment Aviation
SEGMENT AVIATION HIGHER CHARGES AND LOWER OPEX OFFSET 3Q25 ONE OFF EUR mn 3Q26 3Q25 ▪ Aviation Charges up c.2% vs. PY based on higher passenger volumes, less movements and price Revenue 382 382 increases Charges 296 290 ▪ Adjusted for 2025 one off effect of EUR 14mn Security 74 81 personnel expenses
Slide 14: Segment Retail & Real Estate
SEGMENT RETAIL & REAL ESTATE ADJUSTED OPEX ON PY LEVEL – UNDERLYING EBITDA GROWTH EUR mn 3Q26 3Q25 ▪ Segment revenues increased by >4% at just under Revenue 152 145 1% passenger growth Retail 55 54 ▪ Retail revenues per pax in 3Q26 slightly up to EUR 3.08, driven by positive T3 effect → see next Rea
Slide 15: Retail Revenues per Passenger Development
SEGMENT RETAIL & REAL ESTATE RETAIL REVENUES PER PASSENGER DEVELOPMENT 2025 2026 First Full Quarter of T3 Operations → T3 Retail offer almost completely offsets weakening EUR airport shopping trend / Advertising still strong 3,61 3,41 3,33 3,29 3,17 3,17 3,06 3,08 1Q 2Q 3Q 4Q FY Shopping & 2.82 2.71
Slide 16: Segment Ground Handling
SEGMENT GROUND HANDLING HIGHER REVENUES COMPENSATE UNDERLYING COST INCREASE EUR mn 3Q26 3Q25 ▪ Segment revenues up by c.3%, reflecting price Revenue adjustments being partly offset by traffic structure, 243 235 esp. lower number of movements & lower Ground Ground Hand. 121 123 Handling market share
Slide 17: Segment International Activities & Services
SEGMENT INTERNATIONAL ACTIVITIES & SERVICES INTERNATIONALS DRIVING GROUP FINANCIAL PERFORMANCE EUR mn 3Q26 3Q25 ▪ Underlying Revenues again up by c.10%, primarily Revenue 621 driven by airports in Lima, Greece and Brazil 588 ▪ Other Income reflects re-equilibrium in Brazil of EUR IFRIC 12 28 48 c.6m
Slide 18: Thank You for Your Attention!
THANK YOU FOR YOUR ATTENTION! IR Contact T: +49 69 690 - 74844 F: +49 69 690 - 74843 M: [email protected] www.meet-ir.com
Slide 19: Appendices
APPENDICES 19 3Q26 Presentation, November 2026 Fraport AG
Slide 20: Passenger Traffic
APPENDICES PASSENGER TRAFFIC Passengers 2026 fully consolidated airports July August September Q3 9M abs. Δ in % abs. Δ in % abs. Δ in % abs. Δ in % abs. Δ in % FRA Frankfurt 6,220,942 1.4 6,310,403 -0.3 6,063,992 1.6 18,595,337 0.9 47,491,815 -0.2 LJU Ljubljana 208,638 14.9 222,231 19.3 205,495 16.
Slide 21: Group P+L
APPENDICES GROUP P+L € million 9M 2026 9M 2025 Q3 2026 Q3 2025 Revenue 3.466,0 3.340,3 1.396,9 1.350,3 Other internal work capitalized 49,4 53,5 12,3 18,5 Other operating income 57,1 21,3 34,7 11,4 Total revenue 3.572,5 3.415,1 1.443,9 1.380,2 Cost of materials –1.190,8 –1.160,3 –450,0 –439,4 Person
Slide 22: Group Cash Flow
APPENDICES GROUP CASH FLOW € million 9M 2026 9M 2025 Q3 2026 Q3 2025 € million 9M 2026 9M 2025 Q3 2026 Q3 2025 Result attributable to shareholders of Fraport AG 272,8 397,7 221,5 302,9 Cash flow from operating activities 826,5 1.005,6 632,7 681,0 Result attributable to non-controlling interests 41,7
Slide 23: Group Financial Position
APPENDICES GROUP FINANCIAL POSITION Assets Liabilities and equity September 30, December 31, September 30, December 31, € million 2026 2025 € million 2026 2025 Shareholders’ equity Non-current assets Issued capital 924,7 924,7 Goodwill 19,3 19,3 Capital reserve 602,4 602,4 Investments in airport ope
Slide 24: Segment Aviation: Pax Development and Opex Inflation
APPENDICES – SEGMENT AVIATION PAX DEVELOPMENT IN FRA AND OPEX INFLATION WEIGH ON EBITDA EUR mn 9M26 9M25 ▪ Despite slight decrease in traffic volumes after 9M and lower security charges per PAX, revenues Revenue 1,004 1,001 broadly on PY level due to higher prices Charges 772 755 ▪ Personnel expense
Slide 25: Segment Retail & Real Estate
APPENDICES – SEGMENT RETAIL & REAL ESTATE UNDERLYING BUSINESS DEVELOPMENT WELL ON TRACK EUR mn 9M26 9M25 ▪ Segment revenues increased by c.3% vs. PY despite Revenue 419 408 slightly lower passenger numbers Retail 144 ▪ Retail revenues per pax in 9M26 at EUR 3.18, 146 1 cent below 9M25 after weak 1Q
Slide 26: Segment Ground Handling
APPENDICES – SEGMENT GROUND HANDLING UNDERLYING EBITDA ALMOST DOUBLED DESPITE WEAKER TRAFFIC EUR mn 9M26 9M25 ▪ Segment revenues up by c.5%, reflecting price Revenue adjustments that overcompensate lower traffic 671 640 numbers, esp. movements Ground Hand. 341 330 ▪ Adjusted for 2Q25 and 3Q25 one-of
Slide 27: Segment Intl. Activities & Services
APPENDICES – SEGMENT INTL. ACTIVITIES & SERVICES INTERNATIONALS BOOST FRAPORT GROUP FINANCIALS EUR mn 9M26 9M25 ▪ Underlying Revenues increase by c.9%, primarily due to positive contribution from airports in Lima, Revenue 1,372 1,292 Greece and Brazil IFRIC 12 116 142 ▪ Other Income reflects one-off
Slide 28: Net Debt Broadly on PY Level Despite Divi and F/X Headwind
APPENDICES NET DEBT BROADLY ON PY LEVEL DESPITE DIVI AND F/X HEADWIND -32 -1622 8,263 EUR mn -56 -42 +48 -3981 8,191 +827 -172 -6 -19 -57 1 incl. EUR 31mn for RWY refurbishment in Bulgaria 2 thereof EUR -92.5mn from dividends to shareholders of Fraport AG and EUR -54mn from F/X effecs, incl. EUR+29
Slide 29: Major Special Items 2025/26
APPENDICES MAJOR SPECIAL ITEMS 2025/26 1Q 2025 3Q 2025 1Q 2026 Group Financial Result / Antalya Aviation No special items recorded EUR - 3.9 mn EBITDA: Negative DTF Impact EUR +14 mn lower Staff Cost: Payback of EUR -16.9 mn Net Result: F/X driven effect Supplementary Pension Costs 2Q 2026 from defe
Slide 30: Brick-and-Mortar Capex
APPENDICES BRICK-AND-MORTAR CAPEX Historic Investment & 2026 Outlook EUR mn 2018 2019 2020 2021 2022 2023 2024 2025 2026e Terminal 3 155 369 536 603 542 593 750 488 250 Lima 48 94 101 197 329 460 485 153 100-150 Greece 78 191 97 27 9 14 22 35 -* Brasil 164 240 44 27 12 20 24 21 -* Other 316 387 326
Slide 31: D+A and Interest Details
APPENDICES D+A AND INTEREST DETAILS EUR mn 19FY 20FY 21FY 22FY 23FY 24FY 25FY Depreciation & Amortization 475 458 443 465 501 532 552 of which IFRS16 related 1 45 45 38 41 37 36 39 of which IFRIC12 related 2 84 94 106 116 134 139 175 of which other D&A 346 319 299 308 330 357 338 Interest Expenses 1
Slide 32: D+A and Interest Details
APPENDICES D+A AND INTEREST DETAILS 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 D&A 130 129 127 147 125 129 143 154 140 179 188 o/w IFRS 16 9 9 9 9 10 9 10 10 9 9 12 o/w IFRIC 12 36 35 34 34 34 39 51 51 50 54 56 o/w other 85 85 84 104 81 81 82 93 81 116 120 Significant increase in D/A aft
Slide 33: Aviation Segment
APPENDICES AVIATION SEGMENT 1Q19 2Q19 3Q19 4Q19 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 PAX mn 14.8 18.8 20.5 16.4 12.5 15.5 18.0 14.8 12.4 16.7 18.4 15.6 12.7 16.2 18.6 MOV 117k 136k 140k 121k 95k 112k 121k 108k 96k 122k 128k 113k 96k 115k 123k MTOW mn 7.3 8.3 8.7 7.6 6.1 6.9 7.6 6.8
Slide 34: Retail & Real Estate Segment
APPENDICES RETAIL & REAL ESTATE SEGMENT 1Q19 2Q19 3Q19 4Q19 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 PAX mn 14.8 18.8 20.5 16.4 12.5 15.5 18.0 14.8 12.4 16.7 18.4 15.6 12.7 16.2 18.6 MOV 117k 136k 140k 121k 95k 112k 121k 108k 96k 122k 128k 113k 96k 115k 123k MTOW mn 7.3 8.3 8.7 7.6 6.1
Slide 35: Ground Handling Segment
APPENDICES GROUND HANDLING SEGMENT 1Q19 2Q19 3Q19 4Q19 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 PAX mn 14.8 18.8 20.5 16.4 12.5 15.5 18.0 14.8 12.4 16.7 18.4 15.6 12.7 16.2 18.6 MOV 117k 136k 140k 121k 95k 112k 121k 108k 96k 122k 128k 113k 96k 115k 123k MTOW mn 7.3 8.3 8.7 7.6 6.1 6.9
Slide 36: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies € million Share in % Revenue1) EBITDA EBIT Result Q3 2026 Q3 2025 Δ% Q3 2026 Q3 2025 Δ% Q3 2026 Q3 2025 Δ% Q3 2026 Q3 2025 Δ% Fraport USA 100 46,7 44,0 +6,1 14,5 12,9 +12,4 3,6 4,2 –14,3 1,1 0,5 >+100 Fraport Slovenija 100 19
Slide 37: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies € million Share in % Revenue1) EBITDA EBIT Result 9M 2026 9M 2025 Δ% 9M 2026 9M 2025 Δ% 9M 2026 9M 2025 Δ% 9M 2026 9M 2025 Δ% Fraport USA 100 137,0 135,6 +1,0 46,7 41,2 +13,3 19,9 14,4 +38,2 10,5 5,9 +78,0 Fraport Slovenija 1
Slide 38: Major International Holdings: Greece and Antalya
APPENDICES MAJOR INTERNATIONAL HOLDINGS Greece EUR mn 1Q19 1Q25 1Q26 2Q19 2Q25 2Q26 3Q19 3Q25 3Q26 4Q19 4Q25 4Q26 Revenue 78 42 44 128 173 186 177 310 337 80 120 Revenue w/o IFRIC 12 23 39 42 81 162 176 144 297 321 49 99 - Airport Charges 15 26 29 69 126 134 127 232 248 34 70 - Retail 4 5 5 5 26 29
Slide 39: Major International Holdings: Lima
APPENDICES MAJOR INTERNATIONAL HOLDINGS Lima EUR mn 1Q19 1Q25 1Q26 2Q19 2Q25 2Q26 3Q19 3Q25 3Q26 4Q19 4Q25 4Q26 Revenue 89 140 110 127 116 134 108 134 124 112 136 Revenue w/o IFRIC 12 82 96 104 87 91 105 86 101 113 92 101 - Airport Charges 46 54 56 49 50 54 46 55 60 52 54 - Retail 15 16 17 17 16 19
Slide 40: Major International Holdings: Brasil
APPENDICES MAJOR INTERNATIONAL HOLDINGS Brasil EUR mn 1Q19 1Q25 1Q26 2Q19 2Q25 2Q26 3Q19 3Q25 3Q26 4Q19 4Q25 4Q26 Revenue 86 33 29 77 23 30 65 27 33 55 32 Revenue w/o IFRIC 12 23 22 28 21 23 29 24 26 32 26 28 - Airport Charges 15 12 15 13 12 15 15 14 17 15 15 - Retail 4 5 5 3 4 5 4 5 5 4 5 - Other 4
Slide 41: Major International Holdings: Twin Star and Slovenija
APPENDICES MAJOR INTERNATIONAL HOLDINGS Twin Star EUR mn 1Q19 1Q25 1Q26 2Q19 2Q25 2Q26 3Q19 3Q25 3Q26 4Q19 4Q25 4Q26 Revenue 3 5 24 15 16 35 41 38 40 5 25 Revenue w/o IFRIC 12 3 5 5 15 16 16 41 38 40 5 7 - Airport Charges 2 2 3 9 9 9 27 25 26 2 3 - Retail 0 1 1 2 2 3 5 6 6 1 2 - Other 1 2 1 4 5 4 9
Slide 42: P&L Changes According to IFRS 18 Starting 2027
APPENDICES P&L CHANGES ACC. TO IFRS 18 STARTING 2027 Income and expenses will be classified into five categories (Operating, Investing, Financing, Income Tax and Discontinued operations). The categories "Operating", "Investing" and "Financing" have been introduced for the first time. The classificat
Slide 43: Capex & Net Debt Development 2026
APPENDICES CAPEX & NET DEBT DEVELOPMENT 2026 Frankfurt T3 Capex: Net Debt YE 2026: <EUR c.8.2bn1 €~250mn 2026 FCF OUTLOOK Mn EUR Up to Other Capex: 1.600 1.5 bn ~900 €~400mn 1.300 1.000 Lima Capex 2026: €~100- 700 -400 150mn 400 2 Low 3-digit million EUR -100 ~+100 +/-0 100 Other Intl. Airports Cape
Slide 44: Mid Term Capex Outlook
APPENDICES MID TERM CAPEX OUTLOOK Frankfurt T2 Planning and Prepartory Works to last until c.2029. Decision to Commence with T2 Core Construction Works to be Taken Towards End of the Decade Subject to Traffic Development. € mn Below Forecast Assumes a Construction Start in ~2030-31 ~1.132 ~900 488 2
Slide 45: Terminal 3 to Support Frankfurt Capacities Going Forward
APPENDICES TERMINAL 3 TO SUPPORT FRANKFURT CAPACITIES GOING FORWARD Frankfurt Slot Utilization: Arrival/Departure/Mix – Daily Curves Summer 2026 Summer 2026 Movements capped at 104 mov/h Blue curves: Arrivals Red curves: Departures Green curves: Mixed 45 3Q26 Presentation, November 2026 Fraport AG
Slide 46: Multi Annual Frankfurt Aviation Charge Agreement
APPENDICES MULTI ANNUAL FRANKFURT AVIATION CHARGE AGREEMENT 2025 PASSENGERS O&D +6.8% 2025 PASSENGERS CONNECTING +5.0% 2025 OTHER PRICES +5.7% 2026 PASSENGERS O&D +4.5% 2026 PASSENGERS CONNECTING +3.5% 2026 OTHER PRICES +3.9% 2027 PASSENGERS O&D +4.0% 2027 PASSENGERS CONNECTING +3.0% 2027 OTHER PRIC
Slide 47: Frankfurt Intercont. Incentive Scheme for Departing Pax
APPENDICES FRANKFURT INTERCONT. INCENTIVE SCHEME FOR DEPARTING PAX EUR 15 kick-back per O&D 2024 EXP. O&D DEP. PASSENGERS 6.3MN EUR 7.5 per connecting 2024 EXP. CONNECTING DEP. PAX 5.4MN Threshold vs. 2024e PAX 2025 O&D THRESHOLD +3.8% 1 Equivalent to: c.0.2MN PAX 1 1 Equivalent to: c.0.1MN PAX 2025
Slide 48: New German Public Sector Bargaining Agreement
APPENDICES NEW GERMAN PUBLIC SECTOR BARGAINING AGREEMENT Wage Agreement Settled until March 31st, 2027 • Wage increase of 3 • Wage increase of 2.8 % • One additional day off % as of April 1st as of May 1st • Minimum step up of • Increase in annual 110 EUR per month bonus* by up to 35 PP • Increase i
Slide 49: Dates: Financial and Traffic Calendar
APPENDICES DATES 2026 Financial Calendar Mar 17, 2026 May 05, 2026 May 12, 2026 Aug 6, 2026 Nov 4, 2026 FY 3M AGM 6M 9M 2026 Traffic Calendar Apr 15, 2026 May 15, 2026 Jun 12, 2026 Jul 13, 2026 Aug 13, 2026 3M 4M 5M 6M 7M Sep 11, 2026 Oct 13, 2026 Nov 12, 2026 Dec 11, 2026 Jan 18, 2027 10 11 12 8M 9
Slide 50: Ay (Fraport
7 = Ay (Fraport