Fraport (FRA) Q3 2025 (Q&A) earnings summary

Capital allocation and financing

• CapEx for 2024 is confirmed at EUR 1.1 billion, with guidance of EUR 900 million for 2026 and EUR 700 million for 2027; maintenance CapEx is expected to stabilize at EUR 500 million annually from 2027 onward.

• CapEx programs are winding down, with 2025 CapEx for Terminal 3 expected at ~€400 million and Lima at ~€250 million.

• Gross debt reduced by €222.4 million to €12,102.7 million; liquidity stable at €3,922.2 million.

• Net debt is expected to be in the EUR 8.3–8.5 billion range by end-2025, down from EUR 8.38 billion last year.

• CapEx figures focus on brick-and-mortar investments; concession payments are additional and not included in these numbers.

Outlook and guidance

• Dividend payments are expected to restart in 2026 for the 2025 financial year, contingent on positive EBITDA and controlled CapEx, with an initial payout ratio below the historical 40%-60% range.

• Free Cash Flow is projected to be close to break even for 2025, improving to clearly positive in 2026, driven by lower CapEx and higher EBITDA.

• Full-year 2025 passenger volume at Frankfurt expected at approximately 63–64 million, in line with previous guidance.

• Positive segment EBITDA now expected for Ground Handling, an upgrade from prior guidance.

• Main forecasts for earnings, asset, and financial position at Group level maintained.

Segment performance

• Aviation segment revenue up 7.6% to €1,000.6 million; EBITDA up 10.4% to €326.1 million.

• Retail & Real Estate revenue increased 4.0% to €407.5 million; EBITDA up 5.7% to €295.6 million.

• Ground Handling revenue rose 14.5% to €640.4 million; EBITDA improved to €31.7 million from -€14.8 million.

• International Activities & Services revenue adjusted for IFRIC 12 up 5.8% to €1,150.0 million; EBITDA up 2.1% to €500.9 million.

• Antalya's 2025 EBITDA is estimated at EUR 40–50 million, with a significant step-up expected from 2027 as the new concession phase begins; no dividend payments from Antalya are expected in the near term.