Fraport’s overseas airport portfolio is playing a growing role in the group’s performance, while its home base in Frankfurt has yet to match that momentum. In the first nine months, passenger numbers across the group exceeded their 2019 level for the first time, but Frankfurt remained below its pre-pandemic traffic and was unchanged from a year earlier.
Across its roughly 30 airports outside Germany, passenger traffic reached about 109% of 2019 levels. The group as a whole stood at around 101%, while Frankfurt reached 87%. Overseas operations also accounted for 48% of earnings before interest, taxes, depreciation and amortization in the first nine months, rising to 54% in the third quarter.
Fraport’s group revenue increased 3.8% to more than €3.4 billion, and operating earnings before depreciation and amortization rose 2% to almost €1.2 billion. Net income fell nearly 30% to €314.5 million, as expected, amid higher interest expenses and depreciation following completed expansion projects in Lima and Frankfurt.
Schulte said Frankfurt’s performance was affected by factors including geopolitical uncertainty, high fuel prices and weak economic conditions. Strikes in the spring cost the airport 700,000 passengers, while the Middle East crisis and changes at Lufthansa also weighed on traffic. Schulte also criticized the cost of operating in Germany, putting regulatory charges for an intercontinental flight from Frankfurt at about €17,000, compared with €1,000 from Madrid and €4,000 from Brussels.
Fraport says operating quality at Frankfurt has improved, including better punctuality during the peak travel season. The opening of Terminal 3 has eased operations in the airport’s northern area, and the company is testing a “Gate of the Future” concept with Lufthansa. The operator also reported progress at security checkpoints following the installation of CT scanners at most positions.
Terminal 3 is adding to depreciation costs, however. It has handled nearly 4.5 million passengers so far. In retail, weaker consumer spending is hurting demand, particularly in Terminal 1, although Fraport says stronger business at Terminal 3 and advertising revenues in the south are helping to offset the softness. Higher prices have lifted ground-handling revenue, but wage agreements are putting pressure on margins.
Reducing debt, which stands at around €8.2 billion, is a long-term priority for CFO Matthias Zieschang. Fraport plans to save more than €210 million on investment in 2026. Free cash flow reached €93 million in the first nine months, almost twice the level of a year earlier, and can be used for debt repayment and dividends.
Growth at airports abroad is supporting that financial effort. Traffic is rising in Greece and Lima, while Brazil and Ljubljana are recovering toward pre-pandemic levels. Fraport has started operating Jericoacoara airport in Brazil and is due to take over Kalamata, its 15th airport in Greece. A new 25-year concession at Antalya is set to begin at the turn of the year.
For Frankfurt, Fraport is looking to attract more long-haul services. Lufthansa plans to expand its long-distance operations there with new aircraft, and Condor is also expected to grow. The winter schedule is initially set to have 5% fewer aircraft movements, while Schulte has announced further long-haul services for the summer.
Schulte is standing by Fraport’s 2026 forecast of rising passenger numbers and earnings before interest, taxes, depreciation and amortization of up to €1.5 billion. Frankfurt is expected to remain around the previous year’s level, with the company’s confidence in the outlook relying mainly on its international airports.
Sources: FAZ.