Fraport Ag · XETR:FRA
Fraport — Q2 2025 Earnings Presentation
45 slides from Fraport's earnings presentation, August 2025
Slide 1: 2Q25 Presentation
2Q25 PRESENTATION Prof. Dr. Matthias Zieschang, CFO August 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: Solid operational start to the year, ex. FRA +5.4%
CURRENT DEVELOPMENT SOLID OPERATIONAL START TO THE YEAR, EX. FRA +5.4% Passenger Development 6M 25 vs. 19 Growth vs. PY 119% 109% 109% 106% 98% 87% 84% +23.8% 80% 79% +14.0% +7.1% +5.9% +5.4% +3.8% +1.4% +1.9% -0.1% Frankfurt Greece Lima Brasil Ljubljana Twin Star Antalya Group ex. FRA Group Total 3
Slide 4: Lima new terminal opened on June 1st, 2025
CURRENT DEVELOPMENT LIMA NEW TERMINAL OPENED ON JUNE 1ST, 2025 • Smooth Transitioning of all Airlines to the New Terminal Concluded • Strong Retail Performance in the First Weeks of Operation • 6M net Result reflects higher D&A and reduced Capitalized Borrowing Cost from June onwards SAVE THE DATE L
Slide 5: Frankfurt T3 on track for completion
CURRENT DEVELOPMENT FRANKFURT T3 ON TRACK FOR COMPLETION • Pier J approved 2 weeks ahead of Schedule • Milestones left for regulatory Approval: People Mover (scheduled: August) and Main Hall (scheduled October/November) • Operational Trials to Commence Shortly Full Approval of Construction by Author
Slide 6: Antalya terminal opened, 1H25 impacted by one-offs
CURRENT DEVELOPMENT ANTALYA TERMINAL OPENED, 1H25 IMPACTED BY ONE-OFFS • Good Commercial Performance in the First Months of Operation • 1H Headwind from: • F/X on Deferred Taxes • Day 1 Loss on Hedging of Project Finance • Dispute with Former DTF Operator OPENED April 14th, 2025 1H 25 Financials Imp
Slide 7: 2Q free cash flow positive for the first time since 2018
CURRENT DEVELOPMENT 2Q FREE CASH FLOW POSITIVE FOR THE FIRST TIME SINCE 2018 2Q18 2Q19 2Q20 2Q21 2Q22 2Q23 2Q24 2Q25 +116 313 • Record Inflows due to 245 239 210 197 Operating Performance and 183 WC +44 20 +29 • Clear Capex Reduction vs. -60 -103 2024 Peak -136 -260 • Free Cash Flow positive, -179 -
Slide 8: Group P+L: growing operational results in Q2
GROUP P+L GROWING OPERATIONAL RESULTS IN Q2 NET RESULT IMPACTED BY F/X IN ANTALYA Revenues EBITDA1 EUR 1,122mn EUR 384mn Ex. IFRIC 12: EUR 1,085 mn, +8% vs. 2Q24 +8% vs. 2Q24 EBIT Financial Result2 Group Result EUR 254mn EUR -79mn EUR 125mn +13% vs. 2Q24 -48mn vs. 2Q24 -16% vs. 2Q24 1 2Q24 positivel
Slide 9: Cash flow: 2Q net debt reduction thanks to positive FCF and F/X
CASH FLOW 2Q NET DEBT REDUCTION THANKS TO POSITIVE FCF AND F/X EUR mn 8,631 +313 -5 -32 -11 +28 -93 +74 -129 8,528 -2 -5 -35 Free Cash Flow 2Q25: € +29mn Other Fixed IAS 23 IFRS Divs from Other Net Debt OCF Brazil Greece Lima FRA Net Debt Capex Concession Borrowing 16 at equity March 31, 2025 Capex
Slide 10: Available funds & repayment profile
AVAILABLE FUNDS & REPAYMENT PROFILE WELL BALANCED MATURITY PROFILE 13,000 12,023 12,000 11,000 €9.7 bn Fraport AG debt 10,000 9,000 €1.0 bn Greece debt Average debt condition 8,000 ~ 3.3% interest rate € 337 mn Brazil debt 7,000 6,000 € 1.0 bn Lima debt 5,000 4,096 1 4,000 3,000 3,495 20 2,000 18 21
Slide 11: Segment Aviation: 2Q benefits from traffic momentum and higher prices
SEGMENT AVIATION 2Q BENEFITS FROM TRAFFIC MOMENTUM AND HIGHER PRICES EUR mn 2Q25 2Q24 ▪ Total revenue increase of c. 9% Revenue 349 320 ▪ c.10% higher aviation charges, driven by Charges 263 239 higher prices and 3.1% traffic growth in Q2 Security 76 70 ▪ About neutral Security EBITDA Effect in Q2 O
Slide 12: Segment Retail & Real Estate: revenue increase beyond passenger numbers
SEGMENT RETAIL & REAL ESTATE REVENUE INCREASE BEYOND PASSENGER NUMBERS EUR mn 2Q25 2Q24 ▪ Segment revenues increased by 5% with retail Revenue 140 133 outperforming at +6% while passenger numbers grew by c.3% Retail 51 48 Real Estate 52 50 ▪ Retail revenues per pax therefore up 7ct to Parking 29 28
Slide 13: Retail revenues per passenger development
SEGMENT RETAIL & REAL ESTATE RETAIL REVENUES PER PASSENGER DEVELOPMENT 2019 2024 2Q25 Retail per PAX Up on 2Q24 driven by Advertising and F&B 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 1Q 2Q 3Q 4Q FY Shopping & 2.58 2.56 2.57 2.38 2.44 2.99 3.34 2.65 2.77 2.76 2.86 2.82 Ser
Slide 14: Segment Ground Handling: positive 2Q operational result
SEGMENT GROUND HANDLING POSITIVE 2Q OPERATIONAL RESULT EUR mn 2Q25 2Q24 ▪ Segment revenues up c.16%, reflecting price Revenue 225 194 adjustments and volume effects as well as increasing market share Ground Hand. 118 96 Central Infra. 102 93 ▪ Higher staff cost from collective labor agreement for GH
Slide 15: Segment International Activities & Services
SEGMENT INTERNATIONAL ACTIVITIES & SERVICES SOLID START INTO THE SUMMER DESPITE F/X HEADWIND EUR mn 2Q25 2Q24 ▪ Underlying Revenues increase by c.5 %, Revenue 408 502 primarily due to operational performance in Lima, Greece as well as recovery in Brazil IFRIC 12 36 146 ex. IFRIC 12 372 356 ▪ Q2 comp
Slide 16: Group Outlook: 25FY outlook unchanged
GROUP OUTLOOK 25FY OUTLOOK UNCHANGED EBITDA FRA Passengers moderate Increase up to 64mn 2024: c.61.6mn in single-digit % Area 2024: EUR c.1.3bn Net Debt/EBITDA Group Result Dividend for 25FY slight Flat to Down - 1 2024: EUR c.502mn Improvement unchanged vs. 2024 2024: 6.4x 1 Potential Reduction may
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 2Q25 Presentation, August 2025 Fraport AG
Slide 19: Passenger traffic
APPENDICES PASSENGER TRAFFIC Passenger Traffic June vs. PY YTD vs. PY Frankfurt (FRA) Total 5,792,034 2.8 29,142,689 1.4 Ljubljana (LJU) Total 163,516 10.4 689,258 5.9 Fraport Brasil Total 1,128,295 125.4 6,229,538 23.8 Fortaleza 512,109 12.5 2,885,737 7.5 Porto Alegre 616,186 1,260.4 3,343,801 42.4
Slide 20: Group P+L
APPENDICES GROUP P+L EUR mn 6M 2025 6M 2024 Q2 2025 Q2 2024 Revenue 1,990.0 2,038.8 1,121.5 1,148.6 Other internal work capitalized 35.1 29.3 17.9 14.0 Other operating income 9.8 51.7 3.7 17.4 Total revenue 2,034.9 2,119.8 1,143.1 1,180.0 Cost of materials –720.9 –870.7 –376.6 –474.2 Personnel expen
Slide 21: Group cash flow
APPENDICES GROUP CASH FLOW EUR mn 6M 2025 6M 2024 EUR mn 6M 2025 6M 2024 Result attributable to shareholders of Fraport AG 94.8 150.2 Cash flow used in/from operating activities 324.6 359.0 Result attributable to non-controlling interests 3.8 10.6 Adjustments for Investments in airport operating pro
Slide 22: Group financial position
APPENDICES GROUP FINANCIAL POSITION EUR mn June 30, 2025 Dec. 31, 2024 EUR mn June 30, 2025 Dec. 31, 2024 Shareholders’ equity Non-current assets Issued capital 923.9 923.9 Goodwill 19.3 19.3 Capital reserve 598.5 598.5 Investments in airport operating projects 4,350.5 4,547.5 Revenue reserves 3,304
Slide 23: H1 operational results catching up in Q2
APPENDICES H1 OPERATIONAL RESULTS CATCHING UP IN Q2 - NET RESULT IMPACTED BY F/X IN ANTALYA Revenues EBITDA1 EUR 1,990mn EUR 561mn Ex. IFRIC 12: EUR 1,896 mn, +7% vs. 1H24 -1% vs. 1H24 EBIT Financial Result2 Group Result EUR 306mn EUR -167mn EUR 99mn -1% vs. 1H24 -70mn vs. 1H24 -39% vs. 1H24 1 1Q24
Slide 24: Segment Aviation: revenue increase compensates for higher cost
APPENDICES – SEGMENT AVIATION REVENUE INCREASE COMPENSATES FOR HIGHER COST EUR mn 1H25 1H24 ▪ Total revenue increase of c.6% Revenue 619 586 ▪ Thereof, c.7% higher aviation charges, driven Charges 465 433 by higher prices since Jan, 1st and 1.4% traffic Security 133 129 growth in H1 Other Income 23
Slide 25: Segment Retail & Real Estate: revenue increase beyond passenger numbers
APPENDICES – SEGMENT RETAIL & REAL ESTATE REVENUE INCREASE BEYOND PASSENGER NUMBERS EUR mn 1H25 1H24 ▪ Segment revenues increased by c.4% with Revenue 262 252 retail at +3% while passenger numbers grew by 1.4% Retail 91 88 Real Estate 102 99 ▪ Retail revenues per pax therefore up 6ct to Parking 56 5
Slide 26: Segment Ground Handling: operational result improves
APPENDICES – SEGMENT GROUND HANDLING OPERATIONAL RESULT IMPROVES ON REVENUE INCREASE EUR mn 1H25 1H24 ▪ Segment revenues in H1 up +15%, reflecting Revenue 405 354 price adjustments, volume effects as well as increasing market share Ground Hand. 208 176 Central Infra. 187 168 ▪ Higher staff cost from
Slide 27: Segment Intl. Activities & Services: solid first half
APPENDICES – SEGMENT INTL. ACTIVITIES & SERVICES SOLID FIRST HALF DESPITE F/X HEADWIND EUR mn 1H25 1H24 ▪ Underlying Revenues increase by c.6%, Revenue 703 848 primarily due to operational performance in Lima, Greece as well as recovery in Brazil IFRIC 12 94 272 ▪ H1 comparison impacted by compensat
Slide 28: H1 FCF improvement thanks to lower capex
APPENDICES H1 FCF IMPROVEMENT THANKS TO LOWER CAPEX EUR mn -71 -23 +28 +186 -189 -50 8,528 8,389 +325 -245 -12 -7 -81 Free Cash Flow 1H25: € -325mn 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 Capex Capex T
Slide 29: 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 up to €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 Ot
Slide 30: 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: Reduction post 2024 Lima 48 94 101 197 329 460 485 ~250 ▪ Lima: Reduction post Greece 78 191 97 27 9 14 22 -* 2024 Brasil 16
Slide 31: 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 32: 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 33: D+A and interest details
APPENDICES D+A AND INTEREST DETAILS 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 D&A 129 125 147 127 129 130 143 123 119 116 115 124 114 112 o/w IFRS 16 9 10 9 9 9 9 9 9 9 10 11 11 10 10 o/w IFRIC 12 39 34 34 34 35 36 37 34 33 29 30 30 29 27 o/w other 81 81 104 84 85 85 97 8
Slide 34: Aviation segment
APPENDICES AVIATION SEGMENT 4Q25 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 4Q19 3Q19 2Q19 1Q19 PAX mn 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 122k 96k 108k 121k 112k 95k 110k 120k 112k 89k 121k 140k 136k 117k MTOW 7.5 6.2 6.8 7.6 6.9 6.1 6.9 7.5 6.9 5.7
Slide 35: 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 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 122k 96k 108k 121k 112k 95k 110k 120k 112k 89k 121k 140k 136k 117k MTOW mn 7.5 6.2 6.8 7.6 6.9 6.1
Slide 36: 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 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 122k 96k 108k 121k 112k 95k 110k 120k 112k 89k 121k 140k 136k 117k MTOW mn 7.5 6.2 6.8 7.6 6.9 6.1 6.9 7
Slide 37: Major international holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies EUR mn Share in % Revenue1) EBITDA EBIT Result 2Q25 2Q24 Δ% 2Q25 2Q24 Δ% 2Q25 2Q24 Δ% 2Q25 2Q24 Δ% Fraport USA 100 47.1 49.5 –4.8 14.3 13.9 +2.9 5.4 5.3 +1.9 2.7 3.1 –12.9 Fraport Slovenija 100 14.6 13.5 +8.1 6.0 7.8 –23.1 3.
Slide 38: Major international holdings: Greece and Antalya
APPENDICES MAJOR INTERNATIONAL HOLDINGS Greece EUR mn 4Q25 4Q24 4Q19 3Q25 3Q24 3Q19 2Q25 2Q24 2Q19 1Q25 1Q24 1Q19 Revenue 102 80 307 177 173 161 128 42 40 78 Revenue w/o IFRIC 12 85 49 283 144 162 155 81 39 35 23 - Airport Charges 63 34 222 127 126 121 69 26 25 15 - Retail 14 10 47 7 26 22 5 5 4 4 -
Slide 39: Major international holdings: Lima
APPENDICES MAJOR INTERNATIONAL HOLDINGS Lima EUR mn 4Q25 4Q24 4Q19 3Q25 3Q24 3Q19 2Q25 2Q24 2Q19 1Q25 1Q24 1Q19 Revenue 183 112 221 108 116 225 127 140 207 89 Revenue w/o IFRIC 12 99 92 98 86 91 90 87 96 86 82 - Airport Charges 55 52 55 46 50 51 49 54 49 46 - Retail 19 17 17 18 16 15 17 16 14 15 - O
Slide 40: Major international holdings: Brasil
APPENDICES MAJOR INTERNATIONAL HOLDINGS Brasil EUR mn 4Q25 4Q24 4Q19 3Q25 3Q24 3Q19 2Q25 2Q24 2Q19 1Q25 1Q24 1Q19 Revenue 26 55 19 65 23 20 77 33 26 86 Revenue w/o IFRIC 12 17 26 12 24 23 16 21 22 24 23 - Airport Charges 10 15 7 15 12 8 13 12 13 15 - Retail 3 4 2 4 4 3 3 5 5 4 - Other 4 7 3 5 7 5 5
Slide 41: Major international holdings: Twin Star and Slovenija
APPENDICES MAJOR INTERNATIONAL HOLDINGS Twin Star EUR mn 4Q25 4Q24 4Q19 3Q25 3Q24 3Q19 2Q25 2Q24 2Q19 1Q25 1Q24 1Q19 Revenue 6 5 35 41 16 13 15 5 4 3 Revenue w/o IFRIC 12 6 5 35 41 16 13 15 5 4 3 - Airport Charges 3 2 23 27 9 8 9 2 2 2 - Retail 1 1 6 5 2 2 2 1 1 0 - Other 2 2 6 9 5 3 4 2 1 1 Total R
Slide 42: Frankfurt staffing
APPENDICES FRANKFURT STAFFING Frankfurt Consolidated Staff Number Ground Handling Other FRA Positions FraSec as of Jun 30, 2025: 17,000 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 43: 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 44: 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, 2025 10 11 12 8M
Slide 45: oi a
oi a Ay (Fraport