Fraport Ag · XETR:FRA
Fraport — Fraport Ag Frankfurt Akt — Q2 2026 Earnings Presentation
50 slides from Fraport's earnings presentation, Aug 6, 2026
Slide 1: 2Q26 Presentation
2Q26 PRESENTATION Prof. Dr. Matthias Zieschang, CFO August 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: Business Update: Mixed Traffic Performance, Strong Diversification Effect
BUSINESS UPDATE MIXED TRAFFIC PERFORMANCE I STRONG DIVERSIFICATION EFFECT FRA: Impacted by Strikes, Weather, Internationals ex. AYT with continued Modest Outlook on FRA Summer due and War in Middle East Traffic Momentum: +5% in 1H26 to LH Capacity Reductions Excl. for Strikes and Weather: AYT impact
Slide 4: Business Update: Soft FRA Traffic Reporting, Robust Underlying
BUSINESS UPDATE FRA Preliminary Passengers SOFT FRA TRAFFIC REPORTING I ROBUST UNDERLYING July: +1.4% YTD: -0.5% 2Q Development ▪ -530k FRA PAX of which LH Strikes amounted to 500k (direct impact) → Robust underlying business development in light of c.300k PAX lost to Middle East due to War in Iran
Slide 5: 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 6: Business Update: Internationals Well on Track
BUSINESS UPDATE INTERNATIONALS WELL ON TRACK 2Q Development ▪ Robust Passenger Performances in Greece, Ljubljana, Twin Star, and Brazil ▪ Greek Airport Charges increased by 1.8% in April ▪ c.6% Increase in Average Charges in Brasil and Lima + Commercial Area Expansion in Lima ▪ Dividend payments fro
Slide 7: Group P+L
GROUP P+L DESPITE FRA TRAFFIC WEAKNESS AND T3 START-UP COST RESILIENT EBITDA ALSO DUE TO STRONG INTERNATIONALS Revenues ex. IFRIC 12 EBITDA EUR 1,128mn EUR 386mn +4% vs. 2Q2025 +1% vs. 2Q25 EBIT Free Cash Flow Net Debt/LTM EBITDA EUR 207mn EUR -59Mn 6.0x -19% vs. 2Q25 -87Mn vs. 2Q25 -0.6x vs. 2Q25 7
Slide 8: Cash Flow: Temporary Negative FCF, Dividend and F/X Increase Net Debt
CASH FLOW TEMPORARY NEGATIVE FCF, 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 March 31, 2026 C
Slide 9: Cash Flow: 2Q FCF Negative on Calendar Effects
CASH FLOW 2Q 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 Int
Slide 10: Available Funds & Repayment Profile
AVAILABLE FUNDS & REPAYMENT PROFILE WELL BALANCED MATURITY PROFILE 13.000 12,131 12.000 11.000 10.000 €9.8 bn Fraport AG debt 9.000 €1.0 bn Greece debt 8.000 Average debt condition ~ 3.5% interest rate 7.000 € 357 mn Brazil debt 6.000 5.000 € 1.0 bn Lima debt 1 4.000 4,007 3,439 23 3.000 23 22 9 21
Slide 11: Segment Aviation
SEGMENT AVIATION FRA TRAFFIC TRANSLATES INTO LOWER REVENUE AND EBITDA EUR mn 2Q26 2Q25 ▪ Despite -3% decrease in traffic volumes and lower security charges per PAX, revenue 2% below PY due Revenue 342 349 to 3.9% higher prices Charges 261 263 ▪ Personnel expenses up 11% mainly due to wage Security 6
Slide 12: Segment Retail & Real Estate
SEGMENT RETAIL & REAL ESTATE CONSTANT EBITDA DRIVEN BY PARKING AND REAL ESTATE EUR mn 2Q26 2Q25 ▪ Segment revenues increased by c.2% despite Revenue 142 140 lower passenger numbers Retail 49 51 ▪ Retail revenues per pax in 2Q26 stable vs. 2Q25 at EUR 3.17, driven by positive T3 effect, despite Real
Slide 13: 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 & 2.82 2.71 2.57 2.42 2.31 2.91 2.63 Services € p. Pax Adve
Slide 14: Segment Ground Handling
SEGMENT GROUND HANDLING REVENUE INCREASE DESPITE NEGATIVE TRAFFIC MOMENTUM EUR mn 2Q26 2Q25 ▪ Segment revenues up by c.4%, reflecting price Revenue adjustments that compensate for lower traffic 233 225 numbers Ground Hand. 122 118 ▪ Underlying Staff Cost increase by c.10 % from Central Infra. 106 10
Slide 15: Segment International Activities & Services
SEGMENT INTERNATIONAL ACTIVITIES & SERVICES STRONG FINANCIAL DEVELOPMENT IN PRE-SEASON QUARTER EUR mn 2Q26 2Q25 ▪ Underlying Revenues increase by c.10%, primarily Revenue 470 409 due to operational performance in Lima, Greece and Brazil IFRIC 12 60 37 ▪ Other Income reflects one-off reimbursement cl
Slide 16: 2026 Outlook
2026 OUTLOOK FRANKFURT TRAFFIC GUIDANCE ADJUSTED I FINANCIALS UNCHANGED 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
Slide 17: Thank You for Your Attention!
THANK YOU FOR YOUR ATTENTION! IR Contact T: +49 69 690 - 74840 F: +49 69 690 - 74843 M: investor.relations@fraport.de www.meet-ir.com
Slide 18: Appendices
APPENDICES 18 2Q26 Presentation, August 2026 Fraport AG
Slide 19: Passenger Traffic
APPENDICES PASSENGER TRAFFIC Passengers 2026 fully consolidated airports YTD January February March Q1 April May June Q2 H1 abs. D in % abs. D in % abs. D in % abs. D in % abs. D in % abs. D in % abs. D in % abs. D in % abs. D in % abs. D in % 12,704,78 FRA Frankfurt 28,896,478 -0.8 4,132,165 4.9 3,
Slide 20: Group P+L
APPENDICES GROUP P+L EUR mn 6M 2025 6M 2026 Q2 2025 Q2 2026 Revenue 1,990.0 2,069.1 1,121.5 1,187.0 Other internal work capitalized 35.1 37.1 17.9 17.6 Other operating income 9.8 22.4 3.7 15.6 Total revenue 2,034.9 2,128.6 1,143.1 1,220.2 Cost of materials –720.9 –740.8 –376.6 –415.0 Personnel expen
Slide 21: Group Cash Flow
APPENDICES GROUP CASH FLOW EUR mn 6M 2025 6M 2026 EUR mn 6M 2025 6M 2026 Result attributable to shareholders of Fraport AG 94.8 51.2 Cash flow used in/from operating activities 324.6 193.8 Result attributable to non-controlling interests 3.8 0.4 Investments in airport operating projects –180.2 –137.
Slide 22: Group Financial Position
APPENDICES GROUP FINANCIAL POSITION EUR mn Dec 31, 2025 Jun 30, 2026 EUR mn Dec 31, 2025 Jun 30, 2026 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 operating projects 4.414.2 4.489.0 Revenue reserves 3,654.1 3
Slide 23: EBITDA Growth, Net Result Impacted by Accounting Effects
APPENDICES EBITDA GROWTH, NET RESULT IMPACTED BY ACCOUNTING EFFECTS FROM TERMINAL OPENINGS Revenues EBITDA EUR 2,069mn EUR 582mn Ex. IFRIC 12: EUR 1,981 mn, +5% vs. 1H25 +4% vs. 1H25 EBIT1 Financial Result2 Group Result EUR 264mn EUR -195mn EUR 52mn -14% vs. 1H25 -27mn vs. 1H25 -48% vs. 1H25 1 1H26
Slide 24: Segment Aviation
APPENDICES – SEGMENT AVIATION SLOWING TRAFFIC MOMENTUM IN FRA WEIGHS ON EBITDA EUR mn 1H26 1H25 ▪ Despite slight decrease in traffic volumes and Revenue 622 619 lower security charges per PAX, revenue up Charges 476 465 <1% vs. PY due to higher prices Security 123 133 ▪ Personnel expense up 8% mainl
Slide 25: Segment Retail & Real Estate
APPENDICES – SEGMENT RETAIL & REAL ESTATE BUSINESS DEVELOPMENT DRIVEN BY PARKING AND REAL ESTATE EUR mn 1H26 1H25 ▪ Segment revenues increased by c.2% despite Revenue 267 262 slightly lower passenger numbers Retail 89 91 ▪ Retail revenues per pax in 1H26 at EUR 3.24, 3 cents below 1H25 after weak 1Q
Slide 26: Segment Ground Handling
APPENDICES – SEGMENT GROUND HANDLING EBITDA INCREASE DESPITE LOWER TRAFFIC AND ONE-OFFS IN PY EUR mn 1H26 1H25 ▪ Segment revenues up by c.6%, reflecting Revenue 429 405 increasing market share and price adjustments that compensate for lower traffic numbers Ground Hand. 221 208 ▪ Adjusted for 2Q25 EU
Slide 27: Segment Intl. Activities & Services
APPENDICES – SEGMENT INTL. ACTIVITIES & SERVICES OPERATIONAL STRENGTH ABROAD REFLECTED IN FINANCIALS EUR mn 1H26 1H25 ▪ Underlying Revenues increase by c.9%, primarily due to operational performance in Lima, Greece and Revenue 751 703 Brazil IFRIC 12 88 94 ▪ Other Income reflects one-off reimburseme
Slide 28: Net Debt Increase Due to Negative H1 FCF, Dividend and F/X
APPENDICES NET DEBT INCREASE DUE TO NEGATIVE H1 FCF, DIVI AND F/X -20 -1332 8,692 EUR mn -47 -42 +13 -2811 8,191 +194 -127 -3 -10 -45 1 incl. EUR 31mn for RWY refurbishment in Bulgaria 2 thereof EUR 92.5mn from dividends to shareholders of Fraport AG Free Cash Flow 1H26: € -368mn Other Fixed IAS 23
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 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 Inauguration of
Slide 33: 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 34: 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 35: 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 36: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies EUR mn Share in % Revenue1) EBITDA EBIT Result 2Q25 2Q26 Δ% 2Q25 2Q26 Δ% 2Q25 2Q26 Δ% 2Q25 2Q26 Δ% Fraport USA 100 47.1 49.0 +4.0 14.3 21.4 +49.7 5.4 13.7 >100 2.7 9.7 >100 Fraport Slovenija 100 14.6 16.0 +9.6 6.0 7.1 +18.3 3
Slide 37: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies EUR mn Share in % Revenue1) EBITDA EBIT Result 6M 2025 6M 2026 Δ% 6M 2025 6M 2026 Δ% 6M 2025 6M 2026 Δ% 6M 2025 6M 2026 Δ% Fraport USA 100 91.6 90.3 –1.4 28.3 32.3 +14.1 10.2 16.3 +59.8 5.4 9.4 +74.1 Fraport Slovenija 100 24.
Slide 38: Major International Holdings: Greece
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 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 89 140 110 127 116 134 108 134 112 136 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 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 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 41: Major International Holdings: Twin Star
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 42: 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 43: 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 44: Transition Plan Terminal 3
APPENDICES TRANSITION PLAN TERMINAL 3 44 2Q26 Presentation, August 2026 Fraport AG
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 2Q26 Presentation, August 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
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
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