Fraport Ag · XETR:FRA
Fraport — 9M 2025 Earnings Presentation
47 slides from Fraport's earnings presentation, November 2025
Slide 1: 3Q25 Investor Presentation
Variante 2 3Q25 INVESTOR PRESENTATION Dr. Stefan Schulte, CEO, Prof. Dr. Matthias Zieschang, CFO November 2025
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: Business Highlights: Construction Completion and Record Inflows
BUSINESS HIGHLIGHTS CONSTRUCTION COMPLETION AND RECORD INFLOWS Major Capex Programs Completed Passenger Records in Intl‘ Divsion Operational Growth in Frankfurt Record Inflows Strongest 3Q FCF in Co. History On Track to Deliver on FY Targets 3 3Q25 Presentation, November 2025 Fraport AG
Slide 4: Group P+L: Growing 3Q Results
GROUP P+L GROWING 3Q 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 impacted by o
Slide 5: Traffic Performances: Group-wide Passenger Growth
TRAFFIC PERFORMANCES FRA OCT PASSENGERS: GROUP-WIDE PASSENGER GROWTH +5.9% FRA Growing but Impacted by High Passenger Records in Greece, Lima, and → Group Total at 102% vs. 2019 Governmental Taxes at 90% of 2019 Antalya: +23%, +5% and +5% vs. 2019 → Ex. FRA: 107% vs. 2019 123% 105% 105% 107% 98% 102
Slide 6: Traffic Outlook: 3% Capacity Growth in Frankfurt Winter
TRAFFIC OUTLOOK 3% CAPACITY GROWTH IN FRANKFURT WINTER WINTER ▪ Movements: +3% vs. 24/25 ▪ Destinations: 244 ▪ Seats: +3% zu 24/25 ▪ Countries: 96 ▪ Airlines: 81 6 3Q25 Presentation, November 2025 Fraport AG
Slide 7: Business Update: Frankfurt Terminal 3 Opening Date Set
BUSINESS UPDATE FRANKFURT TERMINAL 3 OPENING DATE SET FOR APRIL 23, 2026 ▪ F&B and Retail Store Fitting Underway ▪ Public Trials to Commence Mid Jan – Apr 2026 ▪ People Mover System Will Start Regular Service in 1Q26 7 3Q25 Presentation, November 2025 Fraport AG
Slide 8: Business Update: All Renewable Electric Supply in Frankfurt
BUSINESS UPDATE ALL RENEWABLE ELECTRIC SUPPLY IN FRANKFURT FROM MID 26ON. Electricity Coverage Verkauf Expected Mid 26on. Up to 10% On-site >90% PPA Solar Production Wind Energy ▪ 2.8km PV-Plant Along Take-Off Runway West in Operation ▪ New Wind Park PPA to Start Mid 26 1. Quartal 2. Quartal ▪ About
Slide 9: Business Update: International Projects Supporting Growth
BUSINESS UPDATE INTERNATIONAL PROJECTS SUPPORTING MID/LONG TERM GROWTH Lima ▪ New Terminal Capacities Started June 1, 25 ▪ 2nd Terminal Construction Phase 1B + RWY Refurbishmt. Well Underway Antalya ▪ New Terminal Capacities for 65Mn Pax Taken Up Well ▪ 1H25 Result Fluctuations Stopped in 3Q25 Kalam
Slide 10: Outlook 2025
OUTLOOK 2025 FINANCIALS CONFIRMED, FRANKFURT PASSENGER SPECIFIED EBITDA FRA Passengers moderate Increase in up to 64mn 2024: ~61.6mn single-digit % Area 2024: EUR c.1.3Bn Net Debt/EBITDA Group Result Dividend slight Flat to Down1 - Improvement 2024: EUR c.502Mn 2024: EUR 0 per Share 2024: 6.4x 1 Red
Slide 11: 3Q25 Financials
Variante 2 3Q25 FINANCIALS Prof. Dr. Matthias Zieschang, CFO November 2025
Slide 12: Cash Flow: Record Free Cashflow Reduces Leverage Below 6x
CASH FLOW 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 Capex Capex C
Slide 13: Available Funds & Repayment Profile
AVAILABLE FUNDS & REPAYMENT PROFILE WELL BALANCED MATURITY PROFILE 12.103 €9.8 bn Fraport AG debt €1.0 bn Greece debt Average debt condition ~ 3.3% interest rate € 344 mn Brazil debt € 1.0 bn Lima debt 1 4,552 3.922 21 21 24 26 18 19 20 950 19 48 49 41 45 47 46 - 42 54 140 4 28 14 1.097 1.131 1.303
Slide 14: Segment Aviation
SEGMENT AVIATION OPERATIONAL GROWTH SUPPORTED BY ONE-TIME EFFECT EUR mn 3Q25 3Q24 ▪ Total revenue increase of c.11% Revenue 382 344 ▪ 5.7% higher prices, 2.6% passenger growth and an Charges 290 265 increasing number of movements (+5.7%) in Q3 lead to c.9% higher aviation charges Security 81 66 ▪ In
Slide 15: Segment Retail & Real Estate
SEGMENT RETAIL & REAL ESTATE STRONG OPERATIONAL RESULTS ON SOLID REVENUES AND ONE-OFFS IN OPEX EUR mn 3Q25 3Q24 ▪ Segment revenues increased by 3.4% with retail Revenue 145 140 outperforming at +4.2% Retail 54 52 ▪ Retail revenues per pax therefore up 4ct to EUR 3.06, driven by improved advertising
Slide 16: Retail Revenues per Passenger Development
SEGMENT RETAIL & REAL ESTATE RETAIL REVENUES PER PASSENGER DEVELOPMENT 2019 2024 3Q25 Retail per PAX Up on 3Q24 driven by Advertising 2025 4,02 3,76 EUR 3,46 3,35 3,41 3,28 3,35 3,10 3,10 3,17 2,95 3,02 3,06 1Q 2Q 3Q 4Q FY Shopping & 2.58 2.56 2.57 2.38 2.44 2.31 2.99 3.34 2.65 2.77 2.76 2.86 2.82 S
Slide 17: Segment Ground Handling
SEGMENT GROUND HANDLING POSITIVE EBITDA EXPECTED FOR FY2025 EUR mn 3Q25 3Q24 ▪ Segment revenues up c.14%, reflecting price adjustments and volume effects as well as Revenue 235 206 increasing market share Ground Hand. 123 102 ▪ Staff cost on previous year’s level due to positive Central Infra. 108 9
Slide 18: Segment International Activities & Services
SEGMENT INTERNATIONAL ACTIVITIES & SERVICES SOLID OPERATIONAL PERFORMANCE DESPITE F/X HEADWIND EUR mn 3Q25 3Q24 ▪ Underlying Revenues increase by c.6%, primarily due to operational performance in Lima, Greece as Revenue 588 664 well as recovery in Brazil IFRIC 12 48 153 ▪ Other income mainly driven
Slide 19: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION! IR Contact T: +49 69 690 - 74840 F: +49 69 690 - 74843 M: [email protected] www.meet-ir.com
Slide 20: Appendices
APPENDICES 20 3Q25 Presentation, November 2025 Fraport AG
Slide 21: Passenger Traffic
APPENDICES PASSENGER TRAFFIC Fully Consolidated Airports YTD 9M2025 abs. YTD 9M2025 in % September 2025 abs. September 2025 in % FRA Frankfurt 47.575.296 1,8 5.969.101 2,2 LJU Ljubljana 1.233.329 8,6 176.246 13,1 Fraport Brasil 9.867.381 43,8 1.172.508 97,8 FOR Fortaleza 4.542.342 8,0 513.845 9,
Slide 22: Traffic Performances: Group-wide Passenger Growth
TRAFFIC PERFORMANCES FRA OCT PASSENGERS: GROUP-WIDE PASSENGER GROWTH +5.9% FRA Growing but Impacted by High Passenger Records in Greece, Lima, and → Group Total at 100% vs. 2019 Governmental Taxes at 88% of 2019 Antalya: +21%, +8% and +7% vs. 2019 → Ex. FRA: 107% vs. 2019 121% 108% 107% 107% 100% 88
Slide 23: Group P+L
APPENDICES GROUP P+L 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 Personnel
Slide 24: Group Cash Flow
APPENDICES GROUP CASH FLOW EUR mn 9M 2025 9M 2024 EUR mn 9M 2025 9M 2024 Result attributable to shareholders of Fraport AG 397.7 379.8 Cash flow used in/from operating activities 1,005.6 896.3 Result attributable to non-controlling interests 43.8 54.2 Adjustments for Investments in airport operating
Slide 25: Group Financial Position
APPENDICES GROUP FINANCIAL POSITION 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 Revenue reserves 3,614.6
Slide 26: Segment Aviation
APPENDICES – SEGMENT AVIATION SOLID UNDERLYING EBITDA GROWTH EUR mn 9M25 9M24 ▪ Total revenue increase of c.8% Revenue 1,001 930 ▪ 5.7% higher prices, 1.8% passenger growth and an increasing number of movements (+4.2%) lead to Charges 755 699 c.8% higher aviation charges Security 214 195 ▪ Increasin
Slide 27: Segment Retail & Real Estate
APPENDICES – SEGMENT RETAIL & REAL ESTATE REVENUES COMPENSATE FOR HIGHER UNDERLYING COST EUR mn 9M25 9M24 ▪ Segment revenues increased by 4.0% with retail Revenue 408 392 even slightly better at +4.3% Retail 146 140 ▪ Retail revenues per pax therefore up 6ct to EUR 3.19, driven by improved advertisi
Slide 28: Segment Ground Handling
APPENDICES – SEGMENT GROUND HANDLING REVENUE INCREASE AND ONE-OFF RELIEF ON COST LEAD TO STRONG DEVELOPMENT OF OPERATIONAL RESULTS EUR mn 9M25 9M24 ▪ Segment revenues up c.14%, reflecting price adjustments and volume effects as well as Revenue 640 559 increasing market share Ground Hand. 330 278 ▪ H
Slide 29: Segment International Activities & Services
APPENDICES – SEGMENT INTL. ACTIVITIES & SERVICES UNDERLYING OPERATIONAL GROWTH DESPITE F/X HEADWIND EUR mn 9M25 9M24 ▪ Underlying Revenues increase by c.6%, primarily due to operational performance in Lima, Greece as Revenue 1,292 1,512 well as recovery in Brazil IFRIC 12 142 426 ▪ Reduction in othe
Slide 30: 9M FCF Positive Driven by EUR 300mn Lower Capex
APPENDICES 9M FCF POSITIVE DRIVEN BY EUR 300MN LOWER CAPEX EUR mn 8,389 +1,006 -97 -34 +58 +160 -333 -59 8,181 -364 -16 -14 -99 Free Cash Flow 9M25: € +48mn Other Fixed IAS 23 IFRS Divs from Other Net Debt OCF Brazil Greece Lima FRA Net Debt Capex Concession Borrowing 16 at equity YE 2024 Capex Cape
Slide 31: Capex & Net Debt Outlook
APPENDICES CAPEX & NET DEBT OUTLOOK Net Debt YE 2025: EUR c.8.3bn – c.8.5bn1 Frankfurt T3 Capex 2025: 2025 FCF & NET DEBT OUTLOOK €~400mn Other Capex 2025: 1.600 >1.3 bn €~400mn ~1.1bn FCF: 1.300 negative 1.000 Lima Capex 2025: 700 €~250mn FCF: 400 negative 2 -400 Close to 100 Break Even ~50 Other I
Slide 32: Brick-and-Mortar Capex
APPENDICES BRICK-AND-MORTAR CAPEX Historic Investment & 2025 Outlook EUR mn 2018 2019 2020 2021 2022 2023 2024 2025e Comments Terminal 3 155 369 536 603 542 593 750 ~400+ ▪ T3: further Reduction post 2025 Lima 48 94 101 197 329 460 485 <250 ▪ Lima: further Reduction Greece 78 191 97 27 9 14 22 -* po
Slide 33: Major Special Items 2024/25
APPENDICES MAJOR SPECIAL ITEMS 2024/25 1Q 2024 1Q 2025 International Activities / Fraport Greece Group Financial Result / Antalya EUR +28.0 mn Other Income: State Settlement for COVID-related EUR - 3.9 mn EBITDA: Negative DTF Impact impacts (2H21) EUR -16.9 mn Net Result: F/X driven effect from defe
Slide 34: D+A and Interest Details
APPENDICES D+A AND INTEREST DETAILS EUR mn 24FY 23FY 22FY 21FY 20FY 19FY Depreciation & Amortization 532 501 465 443 458 475 of which IFRS16 related 1 36 37 41 38 45 45 of which IFRIC12 related 2 139 134 116 106 94 84 of which other D&A 357 330 308 299 319 346 Interest Expenses 349 318 314 269 193 1
Slide 35: D+A and Interest Details
APPENDICES D+A AND INTEREST DETAILS 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 D&A 143 129 125 147 127 129 130 143 123 119 116 o/w IFRS 16 10 9 10 9 9 9 9 9 9 9 10 o/w IFRIC 12 51 39 34 34 34 35 36 37 34 33 29 o/w other 82 81 81 104 84 85 85 97 80 77 77 Interest exp. 94 95 84 82 88 89 90
Slide 36: Aviation Segment
APPENDICES AVIATION SEGMENT 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q19 3Q19 2Q19 1Q19 PAX mn 18.4 16.7 12.4 14.8 18.0 15.5 12.5 14.8 17.7 15.5 11.3 16.4 20.5 18.8 14.8 MOV 128k 122k 96k 108k 121k 112k 95k 110k 120k 112k 89k 121k 140k 136k 117k MTOW 7.8 7.5 6.2 6.8 7.6 6.9 6.1 6
Slide 37: Retail & Real Estate Segment
APPENDICES RETAIL & REAL ESTATE SEGMENT 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q19 3Q19 2Q19 1Q19 PAX mn 18.4 16.7 12.4 14.8 18.0 15.5 12.5 14.8 17.7 15.5 11.3 16.4 20.5 18.8 14.8 MOV 128k 122k 96k 108k 121k 112k 95k 110k 120k 112k 89k 121k 140k 136k 117k MTOW mn 7.8 7.5 6.2 6.
Slide 38: Ground Handling Segment
APPENDICES GROUND HANDLING SEGMENT 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q19 3Q19 2Q19 1Q19 PAX mn 18.4 16.7 12.4 14.8 18.0 15.5 12.5 14.8 17.7 15.5 11.3 16.4 20.5 18.8 14.8 MOV 128k 122k 96k 108k 121k 112k 95k 110k 120k 112k 89k 121k 140k 136k 117k MTOW mn 7.8 7.5 6.2 6.8 7.6
Slide 39: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS 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 7.2 +73.
Slide 40: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Greece EUR mn 4Q25 4Q24 4Q19 3Q25 3Q24 3Q19 2Q25 2Q24 2Q19 1Q25 1Q24 1Q19 Revenue 102 80 310 307 177 173 161 128 42 40 78 Revenue w/o IFRIC 12 85 49 297 283 144 162 155 81 39 35 23 - Airport Charges 63 34 232 222 127 126 121 69 26 25 15 - Retail 14 10 51 47 7
Slide 41: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Lima EUR mn 4Q25 4Q24 4Q19 3Q25 3Q24 3Q19 2Q25 2Q24 2Q19 1Q25 1Q24 1Q19 Revenue 183 112 134 221 108 116 225 127 140 207 89 Revenue w/o IFRIC 12 99 92 101 98 86 91 90 87 96 86 82 - Airport Charges 55 52 55 55 46 50 51 49 54 49 46 - Retail 19 17 17 17 18 16 15 1
Slide 42: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Brasil EUR mn 4Q25 4Q24 4Q19 3Q25 3Q24 3Q19 2Q25 2Q24 2Q19 1Q25 1Q24 1Q19 Revenue 26 55 27 19 65 23 20 77 33 26 86 Revenue w/o IFRIC 12 17 26 26 12 24 23 16 21 22 24 23 - Airport Charges 10 15 14 7 15 12 8 13 12 13 15 - Retail 3 4 5 2 4 4 3 3 5 5 4 - Other 4 7
Slide 43: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Twin Star EUR mn 4Q25 4Q24 4Q19 3Q25 3Q24 3Q19 2Q25 2Q24 2Q19 1Q25 1Q24 1Q19 Revenue 6 5 38 35 41 16 13 15 5 4 3 Revenue w/o IFRIC 12 6 5 38 35 41 16 13 15 5 4 3 - Airport Charges 3 2 25 23 27 9 8 9 2 2 2 - Retail 1 1 6 6 5 2 2 2 1 1 0 - Other 2 2 7 6 9 5 3 4
Slide 44: Frankfurt Staffing
APPENDICES FRANKFURT STAFFING Ground Handling Other FRA Positions FraSec Frankfurt Consolidated Staff Number as of Sep 30, 2025: 17,034 Number of Employees (as per Reporting Date) down by c.3.8k vs. YE’19 20,468 20,792 4.308 - Stable number of FraSec Security Personnel vs. YE 2024 4.277 17,108 17,00
Slide 45: 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 46: Dates
APPENDICES DATES 2025 Financial Calendar Mar 18, 2025 May 13, 2025 May 27, 2025 Aug 5, 2025 Nov 11, 2025 FY 3M AGM 6M 9M 2025 Traffic Calendar Apr 11, 2025 May 14, 2025 Jun 13, 2025 Jul 11, 2025 Aug 13, 2025 3M 4M 5M 6M 7M Sep 11, 2025 Oct 14, 2025 Nov 13, 2025 Dec 11, 2025 Jan 15, 2026 10 11 12 8M
Slide 47: Ay (Fraport
7 = Ay (Fraport