Fraport Ag · XETR:FRA
Fraport — Q3 2026 Earnings Presentation
33 slides from Fraport's earnings presentation, Sep 23, 2026
Slide 1: 3Q26 Teach In
3Q26 TEACH IN FLORIAN FUCHS, SVP HEAD OF FINANCE AND INVESTOR RELATIONS TANJA BÄUMER, SENIOR IR MANAGER 23 SEPTEMBER 2026
Slide 2: Disclaimer
DISCLAIMER – The following presentation refers to Public Available Information only. A reference list can be found in the Appendix – 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 repr
Slide 3: Latest Developments
LATEST DEVELOPMENTS 3 3Q26 Teach In I 23 September 2026 Fraport AG
Slide 4: Business Update: Mixed Traffic Performance, Strong Diversification Effect
BUSINESS UPDATE MIXED TRAFFIC PERFORMANCE I STRONG DIVERSIFICATION EFFECT FRA: Impacted by Strikes, Weather, Twin Star and War in Middle East 9% 5% Frankfurt 2% Excl. for Strikes and Weather: 1% Ljubljana +1.5% PAX in 1H & +1.3% in YTD 15% -1% 0% Greece 15% 19% 5% 5% 5% Internationals ex. AYT with c
Slide 5: Frankfurt Airport Traffic Performance
FRANKFURT AIRPORT TRAFFIC PERFORMANCE GROWTH FROM CONT. TRAFFIC I MIDDLE EAST WEIGHING ON I-CONT Western EU Domestic Eastern EU Jul. 37.9% Aug. 36.7% Jul. 7.4% Aug. 7.0% Jul. 19.2% Aug. 19.7% Jul. +2.9% Aug. +0.4% Jul. -4.0% Aug. -3.4% Jul. +2.7% Aug. +1.4% North America FRA Far East Jul. 15.4% Aug.
Slide 6: Segment Aviation & International Activities & Services: Regulatory Charges as a Tailwind
SEGMENT AVIATION & INTERNATIONAL ACTIVITIES & SERVICES REGULATORY CHARGES AS A TAILWIND Frankfurt Aviation charges on average +3.9% Lima charges up +6% on avg. on Transfer TUUA Airport charges in Greece +1.8% since April 2026 Annual revision of charges in Brazil effective since Sept. 2026 (+5%) LJU
Slide 7: Business Update: Good Early T3 Retail Indications
BUSINESS UPDATE GOOD EARLY T3 RETAIL INDICATIONS Apr 23 – June 9, Transitioning of T2 Carriers into T3 June 2026 with c.30% Retail Uplift (T3 vs. T2) Due to Overall Good Development and Strong Advertising - despite 27% lower Middle East PAX & EES Headwind Next Next: Q3 High Season with 2026 Peak T3
Slide 8: Segment Retail & Real Estate: Retail Revenues per Passenger Development
SEGMENT RETAIL & REAL ESTATE RETAIL REVENUES PER PASSENGER DEVELOPMENT 2025 2026 Despite F/X and negative Pax Structure → Flat SPP due to Good T3 Spend and Strong 2Q EUR Advertising 3,61 3,41 3,33 3,29 3,17 3,17 3,06 1Q 2Q 3Q 4Q FY Shopping & 2.57 2.42 2.31 2.91 2.63 2.82 2.71 Services € p. Pax Adve
Slide 9: Accounting Effects: D+A and Interest Details
ACCOUNTING EFFECTS D+A AND INTEREST DETAILS 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 D&A 130 129 127 147 125 129 143 154 140 179 o/w IFRS 16 9 9 9 9 10 9 10 10 9 9 o/w IFRIC 12 36 35 34 34 34 39 51 51 50 54 o/w other 85 85 84 104 81 81 82 93 81 116 Significant increase in D/A after Inaugura
Slide 10: 2026 Segment Outlook
2026 SEGMENT OUTLOOK AVIATION RETAIL & REAL ESTATE EBITDA expected in the mid- to high-single digit EBITDA to remain on 2025 level or slightly above percentage area below PY level GROUND HANDLING INTERNATIONAL ACTIVITIES Positive EBITDA expected to reach about the Solid EBITDA growth in the mid- to
Slide 11: 2026 Outlook
2026 OUTLOOK Group Passengers FRA Passengers EBITDA growth over about FY25 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 2024: EUR - 11 3Q26 Teach In I 23 September 2026 Fra
Slide 12: Historic Financials
HISTORIC FINANCIALS 12 3Q26 Teach In I 23 September 2026 Fraport AG
Slide 13: Financials 3Q 2025: Growing Results, EBITDA Supported by One-Off
FINANCIALS 3Q 2025 GROWING RESULTS, EBITDA SUPPORTED BY EUR 50+MN. ONE-OFF Revenues EBITDA1 EUR 1,350mn EUR 593mn Ex. IFRIC 12: EUR 1,302 mn, +8% vs. 3Q24 +23% vs. 3Q24 EBIT Financial Result Group Result EUR 451mn EUR -3mn EUR 343mn +26% vs. 3Q24 -3mn vs. 3Q24 +26% vs. 3Q24 1 3Q25 positively impacte
Slide 14: Financials: Major Special Items 2025/26
FINANCIALS 3Q 2025 Group: EUR >+60mn EBITDA MAJOR SPECIAL ITEMS 2025/26 1Q 2025 3Q 2025 4Q 2025 Group Financial Result / Antalya International Activities / Fraport Brasil EUR - 3.9 mn EBITDA: Negative DTF Impact Aviation EUR +17.3 mn Other Income: Rebalance EUR -16.9 mn Net Result: F/X driven effect
Slide 15: Financials 3Q 2025: Record Free Cashflow Reduces Leverage Below 6x
FINANCIALS 3Q 2025 RECORD FREE CASHFLOW REDUCES LEVERAGE BELOW 6X EUR mn 8,528 +681 -11 +30 8,181 -124 -9 -26 -26 -119 -7 -38 -4 Free Cashflow 3Q25: € +373mn Other Fixed IAS 23 IFRS Divs from Other Net Debt OCF Brazil Greece Lima FRA Net Debt Capex Concession Borrowing 16 at equity Jun 30, 2025 Cape
Slide 16: Financials 2Q26: FCF Negative on Calendar Effects
FINANCIALS 2Q26 FCF NEGATIVE ON CALENDAR EFFECTS 2Q26 2Q25 FCF: 29mn +2mn: OCF +21mn: Reduced Capex -10mn: More Interest Paid Build up on strong Greek - -24mn from higher -5mn: Less Interest Receivables traffic & lower VAT use on Received 66mn: Construction slow-down Worki o/w 30mn: higher payments
Slide 17: 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 17 3Q26 Teach In I 23 September 2026 Fraport AG
Slide 18: Appendices
APPENDICES 18 3Q26 Teach In I 23 September 2026 Fraport AG
Slide 19: Passenger Traffic
APPENDICES PASSENGER TRAFFIC Passengers 1 2026 fully consolidated airports YTD January February March April May June July August abs. Δ in % abs. Δ in % abs. Δ in % abs. Δ in % abs. Δ in % abs. Δ in % abs. Δ in % abs. Δ in % abs. Δ in % FRA Frankfurt 35,117,420 -0.5 4,132,165 4.9 3,851,218 0.0 4,721
Slide 20: Group P+L 3Q/9M 2025
APPENDICES GROUP P+L 3Q/9M 2025 EUR mn 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
Slide 21: Group Cash Flow 9M 2025
APPENDICES GROUP CASH FLOW 9M 2025 EUR mn 9M 2025 9M 2024 EUR mn 9M 2025 9M 2024 Result attributable to shareholders of Fraport Cash flow used in/from operating activities 1,005.6 896.3 AG 397.7 379.8 Result attributable to non-controlling interests 43.8 54.2 Investments in airport operating project
Slide 22: Group Financial Position as at Sep. 30th, 2025
APPENDICES GROUP FINANCIAL POSITION AS AT SEP. 30TH, 2025 EUR mn Sep 30, 2025 Dec. 31, 2024 EUR mn Sep 30, 2025 Dec. 31, 2024 Shareholders’ equity Non-current assets Issued capital 924.7 923.9 Goodwill 19.3 19.3 Capital reserve 602.4 598.5 Investments in airport operating projects 4,366.5 4,547.5 Re
Slide 23: Aviation Segment
APPENDICES AVIATION SEGMENT 1Q19 2Q19 3Q19 4Q19 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 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 MOV 117k 136k 140k 121k 95k 112k 121k 108k 96k 122k 128k 113k 96k 115k MTOW mn 7.3 8.3 8.7 7.6 6.1 6.9 7.6 6.8 6.2 7.5 7.8 7.
Slide 24: Retail & Real Estate Segment
APPENDICES RETAIL & REAL ESTATE SEGMENT 1Q19 2Q19 3Q19 4Q19 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 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 MOV 117k 136k 140k 121k 95k 112k 121k 108k 96k 122k 128k 113k 96k 115k MTOW mn 7.3 8.3 8.7 7.6 6.1 6.9 7.6 6.8 6.
Slide 25: Ground Handling Segment
APPENDICES GROUND HANDLING SEGMENT 1Q19 2Q19 3Q19 4Q19 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 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 MOV 117k 136k 140k 121k 95k 112k 121k 108k 96k 122k 128k 113k 96k 115k MTOW mn 7.3 8.3 8.7 7.6 6.1 6.9 7.6 6.8 6.2 7.5
Slide 26: Major International Holdings 3Q2025
APPENDICES MAJOR INTERNATIONAL HOLDINGS 3Q2025 Fully consolidated Group companies EUR mn Share in % Revenue1) EBITDA EBIT Result 3Q25 3Q24 Δ% 3Q25 3Q24 Δ% 3Q25 3Q24 Δ% 3Q25 3Q24 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
Slide 27: Major International Holdings: Greece, 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 80 120 Revenue w/o IFRIC 12 23 39 42 81 162 176 144 297 49 99 - Airport Charges 15 26 29 69 126 134 127 232 34 70 - Retail 4 5 5 5 26 29 7 51 10 17 -
Slide 28: Major International Holdings: Lima
APPENDICES MAJOR INTERNATIONAL HOLDINGS Lima EUR mn 1Q19 1Q25 1Q26 2Q19 2Q25 2Q26 3Q19 3Q25 3Q26 4Q19 4Q25 4Q26 Revenue 89 140 110 127 116 134 108 134 112 136 Revenue w/o IFRIC 12 82 96 104 87 91 105 86 101 92 101 - Airport Charges 46 54 56 49 50 54 46 55 52 54 - Retail 15 16 17 17 16 19 18 17 17 18
Slide 29: 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 55 32 Revenue w/o IFRIC 12 23 22 28 21 23 29 24 26 26 28 - Airport Charges 15 12 15 13 12 15 15 14 15 15 - Retail 4 5 5 3 4 5 4 5 4 5 - Other 4 5 8 5 7 9
Slide 30: Major International Holdings: Twin Star, 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 5 25 Revenue w/o IFRIC 12 3 5 5 15 16 16 41 38 5 7 - Airport Charges 2 2 3 9 9 9 27 25 2 3 - Retail 0 1 1 2 2 3 5 6 1 2 - Other 1 2 1 4 5 4 9 7 2 2 Total
Slide 31: Temporary Negative FCF in 2Q26, Dividend and F/X Increase Net Debt
APPENDICES TEMPORARY NEGATIVE FCF IN 2Q26, DVD AND F/X INCREASE NET DEBT EUR mn -84 8,692 -5 -6 -10 +13 8,549 +193 -144 -25 -65 -2 -8 Free Cash Flow 2Q26: € -59mn Other Fixed IAS 23 IFRS Divs from Mainly Net Debt OCF Brazil Greece Lima FRA Net Debt Capex Concession Borrowing 16 at equity DIV 1 March
Slide 32: Reference List
APPENDICES REFERENCE LIST Slide Source Link 4-5 Group Traffic Figures https://www.fraport.com/en/investors/traffic-figures.html 6-11 3Q25 Analyst Presentation + https://www.fraport.com/en/investors/publications-events.html ANAC for Brasil 13-15 3Q25 Analyst Presentation + https://www.fraport.com/en/
Slide 33: Ay (Fraport
or = Ay (Fraport