Fraport Ag · XETR:FRA
Fraport — FY2025 Earnings Presentation
47 slides from Fraport's earnings presentation, March 2026
Slide 1: 25FY Presentation
25FY PRESENTATION Dr. Stefan Schulte, CEO Prof. Dr. Matthias Zieschang, CFO March 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 Highlights: 2025 a Milestone Year
BUSINESS HIGHLIGHTS 2025 A MILESTONE YEAR − Terminal Openings in Antalya & Lima − Construction of FRA T3 Fully Approved − Accelerated Traffic Momentum at FRA − Strong Execution on 2025 Business Plan → Highest EBITDA in Co. History − First-Time Positive FCF after 7 Years − Dividend Reinstated & New D
Slide 4: Business Highlights: Update T3
BUSINESS HIGHLIGHTS UPDATE T3 − Operational Tests Well Underway − People Mover System in Regular Service − Commercial Sites to Achieve Close to 100% Availability on 1st Operational Day → April 23rd − Launching Customers: T2 Far & Middle East Carriers − 2nd / 3rd Wave: T2 US & Other Non-Schengen Carr
Slide 5: Strong 2025 Financial Performance
BUSINESS HIGHLIGHTS STRONG 2025 FINANCIAL PERFORMANCE Revenues ex. IFRIC 12 EBITDA EUR 4.21Bn EUR 1.44Bn 1 +8.2% vs. 2024 +10.4% vs. 2024 Group Result Free Cash Flow Net Debt/EBITDA EUR 468Mn EUR 24Mn 5.7x -6.7% vs. 2024 +699Mn vs. 2024 -0.7x vs. 2024 1 Supported by EUR c.50mn One-off Item in 3Q25 5
Slide 6: Group-Wide Passenger Growth in 2025
BUSINESS HIGHLIGHTS GROUP-WIDE PASSENGER GROWTH IN 2025 FRA Traffic Momentum Building Passenger Records in Greece, Lima, and → Group Total at 101% vs. 2019 over the Course of the Year Antalya: +23%, +8% and +10% vs. 2019 → Ex. FRA: 107% vs. 2019 123% 108% 110% 108% 101% 93% 90% 88% 75% 43% 40% 31% 1
Slide 7: Growing Traffic Momentum in FRA Summer
BUSINESS UPDATE Germany overall: +2% GROWING TRAFFIC MOMENTUM IN FRA SUMMER1 Germany ex. FRA: +0.2% − Seat Capacities +6% vs. Summer 25 − Movements +4% vs. Summer 25 1) Scheduled Summer capacities, subject to changes during the actual course of business 7 FY25 Presentation, March 2026 Fraport AG
Slide 8: Progress in International Activities
BUSINESS UPDATE PROGRESS IN INTERNATIONAL ACTIVITIES − Lima Runway Layover Completed − Burgas Runway Layover Close to Completion − Kalamata Concession Commencement Expected Shortly − New Brazilian Airport, Jericoacoara, Expected to Be Taken Over H2 2026 − Porto Alegre With First Dividend Payment 8 F
Slide 9: Pillars of Capital Allocation
FINANCIAL STRATEGY PILLARS OF CAPITAL ALLOCATION Growth Along Attractive Reduction of Fraport.2030 Shareholder Total Debt and Strategy Remuneration Relative Leverage EUR 2Bn EBITDA Strong Commitment Reduction of EUR 1Bn FCF To Increase Frankfurt Debt and ROCE Increase Shareholder Payback Internation
Slide 10: Update on Dividend Outlook
FINANCIAL STRATEGY UPDATE ON DIVIDEND OUTLOOK Phase 1: “Reinstate” Dividend at EUR 1 p. Share while Leverage is above 5x Net Debt / EBITDA Phase 2: “Raise” Pay-Out of 60% to 80% of EPS when Leverage is below 5x Net Debt / EBITDA 10 FY25 Presentation, March 2026 Fraport AG
Slide 11: 2026 Outlook
2026 OUTLOOK GROWING OPERATIONS I NET RESULT IMPACTED BY ACCOUNTING Group Passengers FRA Passengers EBITDA c.188-195Mn c.65-66Mn Up to c.1.5Bn 2025: 183.7Mn 2025: 63.2Mn 2025: EUR c.1.44Bn Group Result Net Debt/EBITDA DPS for 25FY 300-400Mn Improvement EUR 1.00 2025: EUR c.468Mn 2025: 5.7x 2024: EUR
Slide 12: 25FY Financials
25FY FINANCIALS Prof. Dr. Matthias Zieschang, CFO March 2026
Slide 13: Long Term Frankfurt Traffic and Group EBITDA Development
LONG TERM FRANKFURT TRAFFIC AND GROUP EBITDA DEVELOPMENT Group EBITDA in EUR mn – index base 2014 Frankfurt Passengers in mn – index base 2014 1.500 1.437 1.302 1,9 1.204 182% 1.300 1.129 1.180 1.054 1.003 1.030 1.100 1,4 70.6 900 790 849 63.2 100% 757 700 59.6 106% 0,9 500 0,4 300 100 -0,1 -100 201
Slide 14: Financials – Cash Flow
FINANCIALS – CASH FLOW POSITIVE FCF DRIVEN BY EUR 600MN LOWER CAPEX AND RECORD OCF EUR mn 8,389 +1,328 -146 -43 +81 +174 -435 -64 8,191 -488 -153 -21 -35 Free Cash Flow FY25: € +24mn Other Fixed IAS 23 IFRS Divs from Other Net Debt OCF Brazil Greece Lima FRA Net Debt Capex Concession Borrowing 16 at
Slide 15: Available Funds & Repayment Profile
AVAILABLE FUNDS & REPAYMENT PROFILE WELL BALANCED MATURITY PROFILE 12,066 EUR mn €9.8 bn Fraport AG debt €1.0 bn Greece debt Average debt condition ~ 3.3% interest rate € 331 mn Brazil debt € 1.0 bn Lima debt 4,488 1 3,876 21 23 25 19 20 19 21 18 966 49 42 - 48 54 44 39 49 48 27 29 104 1.097 1.131 1
Slide 16: Segment Aviation
SEGMENT AVIATION STRONG FINANCIAL PERFORMANCE BACKED BY PRICES AND VOLUMES EUR mn FY25 FY24 ▪ Total revenue increase of c.9% Revenue 1,342 1,235 ▪ 5.7% higher prices, 2.6% passenger growth and an Charges 1,008 926 increasing number of movements (+4.4%) lead to c.9% higher aviation charges Security 2
Slide 17: Segment Retail & Real Estate
SEGMENT RETAIL & REAL ESTATE STRONG OPERATIONAL RESULTS ON SOLID REVENUES AND ONE-OFFS IN OPEX EUR mn FY25 FY24 ▪ Segment revenues increased by c.3% with solid Revenue 551 537 revenue increase from Parking (>+5%), also due to price adjustments Retail 200 198 ▪ Retail revenues up by c.+1%, but spend
Slide 18: Retail Revenues per Passenger Development
SEGMENT RETAIL & REAL ESTATE RETAIL REVENUES PER PASSENGER DEVELOPMENT 2019 Q4 Retail Setback prior to T3 Opening: 2024 Weak Shopping Performance not Fully Compensated by 2025 Strong Advertising and Services 4,02 3,76 3,61 3,46 3,35 3,41 3,35 EUR 3,1 3,1 3,17 3,06 3,28 3,29 2,95 3,02 1Q 2Q 3Q 4Q FY
Slide 19: Segment Ground Handling
SEGMENT GROUND HANDLING TURNAROUND ACHIEVED ON UNDERLYING CONDITIONS AND ONE OFFS EUR mn FY25 FY24 ▪ Segment revenues up c.15%, reflecting price adjustments and volume effects as well as Revenue 857 746 increasing market share, GH revenues even up Ground Hand. 445 369 >20% Central Infra. 391 356 ▪ S
Slide 20: Segment International Activities & Services
SEGMENT INTERNATIONAL ACTIVITIES & SERVICES INCREASE IN EBITDA DESPITE F/X AND OPEX HEADWIND EUR mn FY25 FY24 ▪ Despite F/X headwind, underlying Revenues increase by c.6%, primarily due to operational Revenue 1,682 1,910 performance in Greece and Lima, as well as the IFRIC 12 222 535 recovery in Bra
Slide 21: Financials – Outlook 2026: Capex & Net Debt Development
FINANCIALS – OUTLOOK 2026 CAPEX & NET DEBT DEVELOPMENT 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: €~100-150mn 700 -400 400 2 Low 3-digit million EUR -100 ~+100 +/-0 100 Other Intl. Airp
Slide 22: Financials – Outlook: Mid Term Capex Outlook
FINANCIALS – OUTLOOK 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
Slide 23: Summing Up
SUMMING UP EXECUTION ON 2025 TARGETS REASSURING OUTLOOK FOR 2026 TERMINAL 3 CONSTRUCTION ACCELERATED TRAFFIC GROWTH IN COMPLETED FRANKFURT AS OF SUMMER POSITIVE TRAFFIC MOMENTUM CONTINUATION OF POSITIVE DRIVEN BY CONTINENTAL ROUTES DEVELOPMENT IN INTERNATIONALS STRONG DELIVERY ON EBITDA AND INAUGURA
Slide 24: 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 25: Appendices
APPENDICES 25 FY25 Presentation, March 2026 Fraport AG
Slide 26: Passenger Traffic
APPENDICES PASSENGER TRAFFIC Passagiere Fully Consolidated Airports October November December Q4 FY abs. in % abs. in % abs. in % abs. in % abs. in % FRA Frankfurt 6.023.194 5,9 4.824.462 4,0 4.763.162 5,3 15.610.818 5,1 63.186.114 2,6 LJU Ljubljana 150.688 18,1 105.623 17,5 101.803 18,7 3
Slide 27: Group P+L
APPENDICES GROUP P+L EUR mn FY 2025 FY 2024 Revenue 4,432.2 4,427.0 Other internal work capitalized 73.7 62.3 Other operating income 52.4 86.6 Total revenue 4,558.3 4,575.9 Cost of materials –1,593.0 –1,851.5 Personnel expenses –1,301.0 –1,202.4 Other operating expenses -227.4 –220.2 EBITDA 1,436.9
Slide 28: Group Cash Flow
APPENDICES GROUP CASH FLOW EUR mn FY 2025 FY 2024 EUR mn FY 2025 FY 2024 Result attributable to shareholders of Fraport AG 431.8 450.6 Cash flow from operating activities 1,328.3 1,179.1 Result attributable to non-controlling interests 36.3 51.3 Investments in airport operating projects –333.7 –622.
Slide 29: Group Financial Position
APPENDICES GROUP FINANCIAL POSITION EUR mn Dec. 31, 2025 Dec. 31, 2024 EUR mn Dec. 31, 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 4,414.2 4,547.5 Revenue reserves 3,654
Slide 30: Major Special Items 2024/25
APPENDICES MAJOR SPECIAL ITEMS 2024/25 1Q 2024 1Q 2025 3Q 2025 International Activities / Fraport Greece Group Financial Result / Antalya Aviation EUR +28.0 mn Other Income: State EUR - 3.9 mn EBITDA: Negative DTF Impact EUR +14 mn lower Staff Cost: Payback of Supplementary Settlement for COVID-rela
Slide 31: 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 32: 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 33: D+A and Interest Details
APPENDICES D+A AND INTEREST DETAILS 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 D&A 116 119 123 143 130 129 127 147 125 129 143 154 o/w IFRS 16 10 9 9 9 9 9 9 9 10 9 10 10 o/w IFRIC 12 29 33 34 37 36 35 34 34 34 39 51 51 o/w other 77 77 80 97 85 85 84 104 81 81 82 93 Interest exp. 78
Slide 34: Aviation Segment
APPENDICES AVIATION SEGMENT 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 PAX mn 14.8 18.8 20.5 16.4 11.3 15.5 17.7 14.8 12.5 15.5 18.0 14.8 12.4 16.7 18.4 15.6 MOV 117k 136k 140k 121k 89k 112k 120k 110k 95k 112k 121k 108k 96k 122k 128k 113k MTOW 7.3 8.3 8.7 7.6 5.7
Slide 35: Retail & Real Estate Segment
APPENDICES RETAIL & REAL ESTATE SEGMENT 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 PAX mn 14.8 18.8 20.5 16.4 11.3 15.5 17.7 14.8 12.5 15.5 18.0 14.8 12.4 16.7 18.4 15.6 MOV 117k 136k 140k 121k 89k 112k 120k 110k 95k 112k 121k 108k 96k 122k 128k 113k MTOW 7.3 8.3
Slide 36: Ground Handling Segment
APPENDICES GROUND HANDLING SEGMENT 1Q19 2Q19 3Q19 4Q19 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 PAX mn 14.8 18.8 20.5 16.4 11.3 15.5 17.7 14.8 12.5 15.5 18.0 14.8 12.4 16.7 18.4 15.6 MOV 117k 136k 140k 121k 89k 112k 120k 110k 95k 112k 121k 108k 96k 122k 128k 113k MTOW 7.3 8.3 8.7
Slide 37: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies EUR mn Share in % Revenue1) EBITDA EBIT Result FY24 FY25 Δ% FY24 FY25 Δ% FY24 FY25 Δ% FY24 FY25 Δ% Fraport USA 100 185.3 179.2 –3.3 61.9 53.7 –13.2 27.5 17.7 –35.6 16.7 8.6 –48.5 Fraport Slovenija 100 50.5 54.9 +8.7 19.7 24.1
Slide 38: Major International Holdings: Greece, Antalya
APPENDICES MAJOR INTERNATIONAL HOLDINGS Greece EUR mn 1Q19 1Q24 1Q25 2Q19 2Q24 2Q25 3Q19 3Q24 3Q25 4Q19 4Q24 4Q25 Revenue 78 40 42 128 161 173 177 307 310 80 102 120 Revenue w/o IFRIC 12 23 35 39 81 155 162 144 283 297 49 85 99 - Airport Charges 15 25 26 69 121 126 127 222 232 34 63 70 - Retail 4 4
Slide 39: Major International Holdings: Lima
APPENDICES MAJOR INTERNATIONAL HOLDINGS Lima EUR mn 1Q19 1Q24 1Q25 2Q19 2Q24 2Q25 3Q19 3Q24 3Q25 4Q19 4Q24 4Q25 Revenue 89 207 140 127 225 116 108 221 134 112 183 136 Revenue w/o IFRIC 12 82 86 96 87 90 91 86 98 101 92 99 101 - Airport Charges 46 49 54 49 51 50 46 55 55 52 55 54 - Retail 15 14 16 17
Slide 40: Major International Holdings: Brasil
APPENDICES MAJOR INTERNATIONAL HOLDINGS Brasil EUR mn 1Q19 1Q24 1Q25 2Q25 2Q24 2Q19 3Q19 3Q24 3Q25 4Q19 4Q24 4Q25 Revenue 86 26 33 23 20 77 65 19 27 55 26 32 Revenue w/o IFRIC 12 23 24 22 23 16 21 24 12 26 26 17 28 - Airport Charges 15 13 12 12 8 13 15 7 14 15 10 15 - Retail 4 5 5 4 3 3 4 2 5 4 3 5
Slide 41: Major International Holdings: Twin Star, Slovenija
APPENDICES MAJOR INTERNATIONAL HOLDINGS Twin Star EUR mn 1Q19 1Q24 1Q25 2Q19 2Q24 2Q25 3Q19 3Q24 3Q25 4Q19 4Q24 4Q25 Revenue 3 4 5 15 13 16 41 35 38 5 6 25 Revenue w/o IFRIC 12 3 4 5 15 13 16 41 35 38 5 6 7 - Airport Charges 2 2 2 9 8 9 27 23 25 2 3 3 - Retail 0 1 1 2 2 2 5 6 6 1 1 2 - Other 1 1 2 4
Slide 42: Multi Annual Frankfurt Aviation Charge Agreement
BUSINESS UPDATE 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
Slide 43: Frankfurt Intercont. Incentive Scheme for Departing Pax
FRANKFURT INTERCONT. INCENTIVE SCHEME FOR DEPARTING PAX EUR 15 KICK-BACK PER O&D & EUR 7.5 PER CONNECTING 2024 EXP. O&D DEP. PASSENGERS 6.3MN 2024 EXP. CONNECTING DEP. PAX 5.4MN Threshold vs. 2024e PAX 2025 O&D THRESHOLD +3.8%1 1 Equivalent to: c.0.2MN PAX 1 Equivalent to: c.0.1MN PAX 2025 CONNECTIN
Slide 44: Frankfurt Staffing
APPENDICES FRANKFURT STAFFING Ground Handling Other FRA Positions FraSec Frankfurt Consolidated Staff Number as of Dec 31, 2025: 16,947 Number of Employees (Headcount, as per Reporting Date) down by >3.8k vs. YE’19 20,468 20,792 4.308 - Stable number of FraSec Security Personnel vs. YE 2024 4.277 16
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: 2026 Financial Calendar
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 8M 9M 10M 11M
Slide 47: Fraport
7 = Ay (Fraport