Confirmed Financial Statements as of December 31, 2025

Annual Financial Statements 2025

Fraport AG ﴾compliant to HGB﴿

Fraport AG Frankfurt Airport Services Worldwide

This document is a convenience translation of the German original. In case of discrepancy between the English and German versions, the German version shall prevail.

1. Fraport AG Annual Financial Statements for the Fiscal Year 2025 2

   Income Statement 2

   Statement of Financial Position 3

2. Notes to the Annual Financial Statements 2025 4

   General Information and Explanations to the Annual Financial Statements 4

   Information and explanations to the income statement and statement of financial position 9

   Explanations to the income statement 9

   Explanations to the statement of financial position 15

   Additional disclosures 27

3. Further Information 41

Responsibility Statement 41

Independent Auditor´s Report 42

Glossary 51

Imprint 54

The Combined Management Report for the 2025 financial year can be found in the 2025 Annual Report https://www.fraport.de/publikationen

Income Statement

EBITDA: EBIT + depreciation and amortization of intangible assets and property, plant, and equipment

Assets

Liabilities and equity

1. Basis for the preparation of the annual financial statements

   The annual financial statements as at December 31, 2025, of Fraport AG Frankfurt Airport Services Worldwide (Fraport AG), with its registered office in Frankfurt/Main, Federal Republic of Germany, entered in the Commercial Register of the District Court of Frankfurt/Main under HRB 7042, have been prepared in accordance with the provisions of the German Commercial Code (HGB) and the German Stock Corporation Act (AktG). The income statement continues to be prepared using the total cost method.

   As the parent company, Fraport AG simultaneously prepares the consolidated financial statements for both the largest and smallest group of companies. As in the previous year, the management report of Fraport AG was combined with the management report of the Fraport Group in application of Section 315 (5) HGB in conjunction with Section 298 (2) HGB.

2. Balance sheet date

   The reporting date of Fraport AG is December 31, 2025.

3. Currency translation

   Assets and liabilities in foreign currencies with a remaining term of more than one year are recognized at the lower of the exchange rate on the transaction date or the higher mean spot exchange rate on the balance sheet date in the case of liabilities.

   Assets and liabilities in foreign currencies with a remaining term of one year or less are valued at the mean spot exchange rate on the balance sheet date in accordance with Section 256a HGB, and unrealized gains are thus also recognized in the income statement.

4. Accounting and valuation principles

   The accounting and valuation methods applied in the annual financial statements of Fraport AG are presented below. Compared to the previous year, the accounting and valuation methods were generally applied unchanged.

   Intangible assets and property, plant, and equipment

   Intangible assets and property, plant, and equipment are measured at acquisition or production cost less regular and, if applicable, unscheduled depreciation and amortization based on use. The prepayments made are recognized at the nominal value.

   The scope of acquisition costs corresponds to Section 255 (1) HGB. Production costs in accordance with Section 255 (2), (2a), and (3) HGB include direct costs for materials and production, appropriate overheads, and appropriate portions of the loss in value of non-current assets, insofar as this is caused by production, as well as interest on borrowings.

   Fraport AG has exercised the option in accordance with Section 255 (3) HGB and capitalizes interest on borrowings used to finance the production of an asset to the extent that it is attributable to the period of production. The recognition criteria were determined in accordance with International Accounting Standards (IAS 23 Borrowing Costs). Interest rates of between 1.30% and 5.06% (previous year: between 1.19% and 5.06%) were used to determine the interest on borrowings eligible for capitalization, depending on the respective project financing.

   Interest of €116.0 million (previous year: €72.8 million) was capitalized in the fiscal year. This mainly related to construction projects, which are shown under the item Prepayments made and construction in progress.

   Fraport AG has exercised the option in accordance with Section 248 (2) sentence 1 HGB and capitalizes internally generated intangible assets and reports them separately. These are related exclusively to software.

   Internal engineering, planning, and construction management services, as well as purchasing services and services of commercial project managers, which are incurred in the context of the construction of buildings and facilities, are recognized and capitalized at the employees' hours worked with a full cost rate reduced by 9%. Services in the service area "Projekt Ausbau Süd" (Expansion South project) for the planned Terminal 3, as well as its connection with a new passenger transport system, were excluded from the reduction as there were no administrative and sales overheads that could not be capitalized.

   Regular depreciation and amortization are carried out using the straight-line method and, as far as possible, the declining balance method on the basis of the depreciation schedule of Fraport AG. This schedule is based on the depreciation schedule of the Arbeitsgemeinschaft Deutscher Flughafen (ADV, German Airports Association) and has been adjusted on the basis of individual empirical values. The straight-line method of depreciation is used as soon as it leads to higher depreciation.

   Fraport AG uses the following scheduled useful life ranges for initial capitalization of assets:

   Regular depreciation and amortization

   In years Intangible assets	Years 2 - 20
   Property, plant, and equipment
   Land, land rights, and buildings, including buildings on leased lands
   Buildings	5 - 50
   Paved areas	5 - 80
   Technical equipment and machinery
   Runways	21
   Taxiways	20
   Aprons	20-40
   Taxiway bridges	80
   Other technical equipment and machinery	4 - 40
   Other equipment, operating and office equipment	4 - 25

   The useful life of the equipment is checked regularly. The resulting adjustments may lead to deviations from the ranges shown here and, as a consequence, to increases or decreases in depreciation and amortization.

   In the event of permanent impairment losses, unscheduled depreciation and amortization are carried out.

   Low-value assets with an individual acquisition value of between €50 and €800 were written off in full in the year of acquisition and simultaneously recognized as disposals. Low-value assets of €800 to €3,000 are depreciated over five years at 20% each; the asset is retired after five years.

   The result for the current year includes increased depreciation and amortization in the amount of €2.7 million (previous year:

   €1.4 million), which were claimed under commercial law in previous years due to tax regulations. The resulting tax effect was

   €0.8 million (previous year: €0.4 million).

   Writeups for unscheduled depreciation and amortization in previous years are made if the original reason for the depreciation no longer applies.

   Investment grants received are recorded as special items and released to income in installments over the normal useful life of the assets.

   Financial assets

   Financial assets are generally measured at acquisition cost. Unscheduled depreciation and amortization is carried out at the lower fair value if a permanent impairment is expected.

   In order to assess the recoverability of domestic and foreign financial assets, calculations were carried out as at December 31, 2025, with regard to the recoverability of all significant investments. The investment carrying amount plus the book values of the loans were used as the basis for comparison and compared to the fair value.

   Furthermore, interest-free long-term loans are discounted to the present value. Writeups for writedowns in previous years are made up to the acquisition costs if the original reason for the depreciation no longer applies. Profit shares from commercial partnerships are generally recognized in the same reporting period, unless otherwise stipulated in the articles of association.

   Securities and other loans that permanently serve business operations are reported under financial assets. In the case of a remaining term of less than one year, there is no reclassification to current assets due to the intended purpose.

   Securities of non-current assets were acquired to protect the pension provisions for active and inactive Executive Board members against insolvency and to protect credits from time-account models (lifetime work and working time accounts) and partial retirement claims of Fraport AG employees against insolvency (covered funds). The measurement of securities is based on fair value (market value). As at the reporting date, these are offset against the corresponding provisions. If the asset value exceeds the obligation, the excess amount is reported separately under the item "Assets arising from the overfunding of pension obligations."

   If securities are acquired at a premium or discount, the pro rata premium or discount attributable to the respective period is recorded as a reduction in the acquisition cost or as an additional acquisition cost.

   Inventories

   Inventories are measured at acquisition cost. The acquisition costs for raw materials and supplies are determined at average cost.

   If necessary, writedowns are made to the lower fair value in accordance with Section 253 (4) sentence 2 HGB. Inventory risks from excessive storage periods are taken into account through devaluations. If a devaluation made in previous periods is no longer necessary, writeups are recognized up to the acquisition costs.

   Accounts receivable, other assets, cash on hand, and bank balances

   Accounts receivable, other assets, cash, and cash equivalents are recognized at the lower of nominal value or fair value. Individual risks that can be identified are recognized by way of valuation allowances.

   Furthermore, lump-sum valuation allowances are recognized for trade accounts receivable using fixed devaluation rates. The calculation is made on the basis of past experience within the framework of an age structure analysis as well as by forming portfolios of customer groups with similar default risk characteristics.

   A reinsurance policy was taken out to protect the pension provisions for active and inactive members of the Executive Board against insolvency (covered funds). The evaluation is carried out in accordance with IDW RH FAB 1.021 of the Institute of Public Auditors in Germany, Incorporated Association, with the pro rata asset value. As at the reporting date, these are offset against the corresponding pension provisions. If the pro rata asset value exceeds the pension obligation, the excess amount is reported separately under the item "Assets aris ing from the overfunding of obligations ."

   Securities in current assets

   Securities in current assets are measured at the lower of the acquisition cost or fair value. If securities are acquired at a premium or discount, the pro rata premium or discount attributable to the respective period is recorded as a reduction in the acquisition cost or as an additional acquisition cost.

   The issued capital is recognized at nominal value.

   Provisions for pensions and s imilar obligations

   The provisions for pensions and similar obligations were determined in accordance with Section 253 (1) and (2) sentence 2 HGB using the projected unit credit method and an interest rate of 2.06% (previous year: 1.90%). The interest rate was determined in accordance with the German Regulation on the Discounting of Provisions (RückAbzinsV) using a 10-year average interest rate with a term of 15 years. The difference between the measurement of pension provisions at the 10-year average interest rate and the 7-year average interest rate in accordance with Section 253 (6) sentence 1 HGB amounted to - €0.8 million in the current fiscal year (previous year: - €0.3 million). A pension increase of 2.00% p.a. (previous year: 2.25% p.a.) was assumed. The 2018G guideline tables by Prof. Klaus Heubeck were used for the mortality rate. The projected unit credit method used is in accordance with IAS 19 (International Accounting Standards). As in the previous year, the calculations did not include salary increases and fluctuations for the active members of the Executive Board. For the former members of the Executive Board, the respective service agreement applies to the amount of their retirement pension. The measurement shall be made either in accordance with the currently valid version of the Hesse Remuneration and Pension Adjustment Act or, with effect from January 1 of each year, shall be adjusted at reasonable discretion, taking into account the interests of the respective former Executive Board member and the economic situation of the company. The adjustment obligation is considered to be satisfied if the adjustment does not fall below the increase in the price index for the cost of living for households in Germany. For the members of the Executive Board appointed from 2012 onwards, the provision agreed in the benefit agreement to increase the retirement pension by 1% annually as at January 1 of each year shall apply.

   Provisions for taxes

   Provisions for taxes are created in the amount of the settlement amount for corporation and trade taxes not yet assessed, as well as foreign taxes, and for risks from external tax audits. The provision for interest from expected back tax payments will be reported under other provisions.

   Other provisions

   Other provisions include identifiable risks and contingent liabilities. They are recognized at the settlement amount which, according to reasonable business evaluation, is necessary to cover identifiable risks and uncertain obligations. Provisions with a remaining term of more than one year are discounted in accordance with Section 253 (2) HGB. Discounting is based on the interest rates with matching maturities of between 1.88% and 2.22% (previous year: between 1.48% and 1.98%) announced by the Deutsche Bundesbank in the fiscal year.

   Provisions for partial retirement and anniversary bonuses are determined using actuarial methods in accordance with Section 253

   (1) and (2) HGB. Partial retirement is discounted at 1.85%, 1.87%, and 1.88%, respectively (previous year: 1.48% and 1.50%, respectively), and anniversary bonuses at 2.22% (previous year: 1.96%). A salary trend of 3.0% to 5.0% (previous year: 3.5% to 6.0%) was assumed for the measurement of the partial retirement provision. In the current fiscal year, the provision for partial retirement includes employees with agreed and ongoing arrangements as well as potential eligible beneficiaries. Step-up amounts are shown in personnel expenses.

   The value of the provisions for obligations in connection with collective bargaining agreements on working time accounts is generally determined by the fair value of the securities invested for employees and assigned for the purpose of administration in trust for insolvency protection. The provisions for working time accounts are determined at the fair value of the securities invested in accordance with Section 253 (1) sentence 3 HGB.

   Liabilities

   Liabilities are recognized at the settlement amount. Prepayments received are recognized at their nominal amount. In the case of installment purchases, the settlement amount corresponds to the present value of the installments still to be paid. Discounting is based on the interest rates with matching maturities announced by the Deutsche Bundesbank in the fiscal year of between 0.93% and 3.92% (previous year: 1.19% and 3.92%).

   If the repayment amount of a liability is higher than the issue amount, the difference is capitalized and depreciated on a straight-line basis over the term of the liabilities.

   Derivative financial instruments and valuation units

   The derivative financial instruments are used exclusively to hedge existing and future interest rate and currency risks and to cover electricity requirements (futures). If payments were made or received at the time of acquisition, the hedging transactions are accounted for as other assets or other liabilities. As far as possible, valuation units are formed in accordance with Section 254 HGB, that is, the underlying transaction and hedging transaction are considered together. Changes in the market value of derivatives designated in valuation units are not taken into account ("net hedge presentation method"). Derivative financial instruments for which no valuation units can be formed with an underlying transaction or no underlying transactions exist are valued individually, and negative changes in market value are recognized in the income statement in the form of provisions for impending losses. Gains from positive market values are not realized.

   Derivative financial instruments used to hedge interest rate and currency risks are measured using the discounted cash flow method. For the valuation units formed, prospective effectiveness is ensured on the basis of the critical terms of the respective transactions. Critical terms are defined as:

   • Nominal value

   • Currency

   • Remaining term

   • Interest rate adjustment dates

   • Interest and, if applicable, capital payment dates

   • Reference interest rate for variable cash flows.

   Furthermore, a sensitivity analysis is carried out for each valuation unit formed to ensure prospective effectiveness.

   Retrospective effectiveness is measured using the dollar offset method and is carried out at regular intervals. If ineffectiveness exists, it is recognized in the income statement.

   Accruals

   Prepaid expenses include expenses before the reporting date to the extent that they represent expenses for a certain time after that date. Deferred income is income received before the reporting date that represents income for a period after that date.

   Deferred taxes

   Deferred taxes are recognized on the differences between the carrying amounts in the commercial balance sheet and the tax balance sheet, insofar as these are expected to reverse with tax effect in later fiscal years. In addition, deferred tax assets are recognized on the existing corporate and trade tax loss carryforwards to the extent that a loss offset is expected within the next five years. Deferred tax assets and liabilities in accordance with Section 274 (1) HGB are reported gross for the tax group at the level of the company as the controlling company. Deferred taxes are measured using a combined income tax rate of 28.9% (previous year: 31.7%).

   Other taxes

   Other taxes are reported in the income statement under the item "Other operating expenses."

   Business statements/accounting according to Section 6b (3) EnWG and Section 3 (4) sentence 2 MsbG

   Fraport AG operates its own energy supply network, and in mid-2011, it applied for the status of "closed distribution network," which is associated with considerable benefits compared to general supply networks. In accordance with the requirements of Section 6b of the German Energy Industry Act (EnWG), Fraport AG is obliged to prepare separate business statements. The regulations were applied in accordance with the requirements of the Federal Network Agency in the 2025 annual financial statements. Section 3 (4) sentence 2 of the German Metering Point Operation Act (MsbG) is generally applicable. The required separation of accounts was basically implemented by creating profit centers.

   There were no unusual transactions in the area of energy supply activities that were not of minor importance for the asset and financial situation of Fraport AG and subject to disclosure under Section 6b (2) EnWG.

   Others

   Fraport AG falls into the area of global minimum taxation. Under these rules, Fraport AG is required to determine the effective tax rate for each country in which it maintains business units as defined in the legislation and, if the determined effective tax rate falls below the minimum tax rate of 15%, Fraport AG must pay a so-called top-up tax equal to the difference between the effective tax rate and the minimum tax rate.

   Fraport AG does not expect to incur any top-up tax for the fiscal year as a result of the new regulations on global minimum taxation.

   ‌Information and explanations to the income s tatement and s tatement of financial position ‌Explanations to the income statement

5. Revenue

   Revenue

   € million Airport charges	2025	2024 925.5
   	1,008.1
   Ground services	312.2	339.1
   Infrastructure charges	391.7	355.8
   Aviation security charges	272.6	243.2
   Real estate revenue	226.9	223.7
   Retail revenue	188.5	189.4
   Parking	117.7	111.4
   Other revenue	222.1	162.3
   Total	2,739.8	2,550.4

   As in the previous year, revenue was generated almost entirely in Germany. In total, the out-of-period share of revenue amounted to €0.0 million (previous year: €7.8 million).

6. Other internal work capitalized

   Other internal work capitalized

   € million	2025	2024
   Other internal work capitalized	56.4	44.8

   Other internal work capitalized consisted of engineering, planning, and construction management services, purchasing services provided by Fraport employees, and services provided by commercial project managers, as well as other work. Internal work capitalized was incurred in particular for the construction program, for the expansion, conversion, and modernization of the terminal buildings, as well as within the scope of internally generated software projects.

7. Other operating income

   Other operating income

   € million Gains on disposal of financial assets	2025	2024 45.0
   	77.1
   Refund of contributions for supplementary occupational pension scheme	56.4	0.0
   Releases of provisions	26.4	16.9
   Refunds for heat supply	8.9	0.0
   Gains from the disposal of property, plant, and equipment	7.9	0.3
   Release of valuation allowances on accounts receivable	3.3	1.9
   Income from compensation payments	3.1	2.3
   Income from foreign currency translation	1.3	0.8
   thereof realized	1.3	0.8
   Grants received	1.2	4.2
   Releases of special items for investment grants	0.5	0.5
   Others	5.0	8.4
   Total	191.1	80.3

   In the current fiscal year, Fraport AG sold its entire shareholding of 10% in Delhi International Airport Limited (DIAL) to the majority shareholder GMR Airports Infrastructure Limited (GIL) for a price of USD 126 million. Other operating income of €77.1 million resulted from the transaction.

   The gains from the disposal of financial assets reported in the previous year in the amount of €45.0 million related to the termination of the engagement at Pulkovo Airport.

   In connection with the supplementary occupational pension scheme, a one-off refund of contributions in the amount of

   €56.4 million was received in the fiscal year.

   As in the previous year, the release of provisions related in particular to the personnel area.

   The out-of-period share of other operating income amounted to €96.9 million (previous year: €23.9 million). Income relating to prior periods resulted in particular from a one-off refund of contributions in connection with the supplementary occupational pension scheme, income from the release of provisions, and a refund relating to heat supply in connection with differences arising in previous years.

8. Cost of materials

   Cost of materials

   € million Expenses for raw materials, consumables, and supplies	2025 -62.2	2024 -62.9
   Expenses for purchased services	-1,090.8	-1,048.9
   Maintenance	-122.2	-118.3
   Utility services	-111.1	-113.8
   Other external services	-857.5	-816.8
   thereof services from joint operations	-277.0	-273.5
   thereof aviation security control services	-216.7	-202.5
   thereof expenses from capital expenditure projects	-80.1	-63.9
   Total	-1,153.0	-1,111.8

   Fraport Ground Services GmbH, Fraport AG, and FRA Vorfeldkontrolle GmbH have maintained a joint operation as of July 2017. This joint operation provides air transport services, in particular within the scope of ground services. The services are recorded as services from joint operations.

9. Personnel expenses and number of employees

   Personnel expenses and number of employees

   € million Remuneration for workers and employees	2025 -551.1	2024 -505.5
   Social security, pension, and welfare expenses	-162.6	-134.1
   thereof for pensions	-56.8	-36.0
   Total	-713.7	-639.6

   Average number of employees employed during the fiscal year:

   Employees by strategic business unit	2025	2024
   Aviation	1,474	1,423
   Ground services	2,721	2,830
   Retail and Properties	408	402
   Acquisitions and Investments	49	47
   Service units	1,651	1,580
   Central units	860	832
   Total	7,163	7,114

10. Depreciation and amortization of intangible assets and property, plant, and equipment

    Depreciation and amortization of intangible assets and property, plant, and equipment

    € million Depreciation and amortization of intangible assets	2025	2024 -10.9
    	-10.4
    Depreciation and amortization of property, plant, and equipment	-334.2	-347.0
    Land, land rights, and buildings, including buildings on leased lands	-169.5	-177.3
    Technical equipment and machinery	-117.8	-120.0
    Other equipment, operating and office equipment	-29.8	-29.5
    Unscheduled depreciation and amortization	-17.1	-20.2
    Total	-344.6	-357.9

    Unscheduled depreciation and amortization of property, plant, and equipment amounting to €17.1 million primarily result from adjusted expansion planning at the Frankfurt site and, in the amount of €16.0 million, mainly relate to the Aviation business unit.

    The regular review of useful lives led to depreciation and amortization increases of a total of €2.7 million and depreciation and amortization decreases of €20.2 million in the fiscal year.

11. Other operating expenses

    Other operating expenses

    € million Insurances	2025	2024 -26.4
    	-26.7
    Expenses for company restaurants	-25.1	-22.8
    Rental and lease expenses	-21.6	-23.9
    Other taxes	-14.4	-11.7
    Income compensation payment to a partnership	-12.8	-13.1
    Foreign branches	-11.7	-13.7
    Advertising expenses	-10.0	-10.6
    Environment	-8.4	-3.9
    Consulting, legal, and auditing expenses	-6.7	-14.5
    Course and seminar fees, travel expenses	-6.1	-6.5
    Expenses from foreign currency translation	-6.1	-0.7
    thereof realized	-0.9	-0.6
    Damages to customers	-5.8	-2.6
    Writedowns of accounts receivable	-3.3	-1.4
    Losses from the disposal of property, plant, and equipment	-1.3	-1.1
    Others	-42.0	-29.4
    Total	-202.0	-182.3

    Insofar as Fraport AG, as a shareholder of a partnership, has to draw up a special balance sheet, and this leads to an increase in the trade tax income and the trade tax incurred by the partnership, Fraport AG pays an income subsidy to the partnership in the event of significant burdens in the amount of the additional trade tax burden. Correspondingly, this results in an almost identical reduction in the trade tax burden of Fraport AG.

    The out-of-period share of other operating expenses amounted to €4.9 million (previous year: €4.5 million) and resulted in particular from subsequent payments of other taxes in the current fiscal year.

    Auditor's fee

    The fee for the audit services of Deloitte GmbH is included in the consulting, legal, and audit expenses. The "Other assurance services" is related to the audit of the consolidated sustainability statement.

    Fraport AG makes use of the relief measures provided for in Section 285 (17) HGB with regard to the disclosure of the auditor's fee and refers in this regard to the consolidated notes of Fraport AG as at December 31, 2025.

12. Income from investments

    Income from investments

    € million Fraport Regional Airports of Greece A S.A./B S.A.	2025 56.6	2024 30.0
    Fraport TAV Antalya Terminal İşletmeciliği A.Ş.	54.2	51.1
    Fraport Slovenija, d.o.o.	20.0	10.0
    Antalya Havalimanı Uluslararası Terminal İşletmeciliği Anonim Sirketi	17.8	14.0
    Fraport Brasil S.A.	16.2	0.0
    Fraport Immobilienservice und -entwicklungs GmbH & Co. KG	4.8	6.3
    Fraport Peru S.A.C.	2.8	0.0
    Frankfurt Airport Retail GmbH & Co. KG	1.3	7.1
    Fraport USA Inc.	0.0	13.9
    Others	5.0	4.6
    Total	178.7	137.0
    (thereof from affiliated companies)	120.1	76.8

13. Expenses from loss assumptions/income from profit transfers

    Fraport AG has entered into control and profit transfer agreements with the following wholly-owned subsidiaries:

    Expenses from assumption of losses/income from profit transfers

    € million Airport Assekuranz Vermittlungs-GmbH, Neu-Isenburg	2025 7.3	2024 9.7
    Fraport Facility Services GmbH, Neu-Isenburg	5.7	2.0
    FraSec Fraport Security Services GmbH, Neu-Isenburg	3.6	-0.9
    Fraport Casa GmbH, Neu-Isenburg	1.5	1.5
    AirIT Services GmbH, Lautzenhausen	0.1	0.9
    FRA-Vorfeldkontrolle GmbH, Kelsterbach	0.1	0.1
    Airport Cater Service GmbH, Frankfurt/Main	0.1	0.1
    Fraport Passenger Services GmbH, Frankfurt/Main	-1.0	-0.4
    Fraport Ground Services GmbH, Frankfurt/Main	-17.9	-6.9
    Fraport Ausbau Süd GmbH, Frankfurt/Main	0.0	0.0
    Total	-0.5	6.1

    The profits and losses of the subsidiary companies were transferred to or taken over by Fraport AG. In the 2025 fiscal year, income from profit transfers amounted to €18.4 million (previous year: €14.3 million), and the expenses from loss assumptions amounted to €18.9 million (previous year: €8.2 million).

14. Interest result

    Interest result

    € million Other interest and similar income	2025	2024 87.4
    	72.5
    thereof income from the discounting of provisions	1.2	3.0
    thereof from affiliated companies	0.1	0.2
    Interest and similar expenses	-153.6	-184.9
    thereof to affiliated companies	-5.0	-8.6
    Total	-81.1	-97.5

    Other interest and similar income mainly includes interest from overnight and time deposits.

    In the 2025 fiscal year, interest on external financing (capitalization of interest expenses relating to construction work) in the amount of €116.0 million (previous year: €72.8 million) was capitalized as production costs (see also note 4).

    Composition of interest and s imilar expenses

    € million Medium/long-term liabilities	2025	2024 -170.5
    	-141.4
    Compounded interest expenses from provisions	-1.7	-1.7
    Current liabilities from "cash pool" and to banks	-5.2	-8.9
    Others	-5.3	-3.8
    Total	-153.6	-184.9

15. Other financial result

    Other financial result

    € million Income from other securities and loans of financial assets	2025 31.1	2024 29.8
    thereof from affiliated companies	7.3	10.8
    Depreciation and amortization of financial assets and securities in current assets	-4.1	0.0
    Book gains from interest rate hedging transactions	0.2	0.3
    Total	27.2	30.1

    The main income from other securities and loans of financial assets resulted from loans granted to Fraport Regional Airports of Greece A S.A. and to Fraport Regional Airports of Greece B S.A., as well as from interest payments on cash deposits made in the context of financial asset management.

    In the current fiscal year, loans to companies with which an investment relationship exists in the amount of €4.1 million were written down as an impairment (see also note 18).

    An interest rate swap concluded in previous years matured as scheduled on June 16, 2025. This was a freestanding derivative for which no suitable underlying transaction was concluded, and in this respect, it was not possible to calculate valuation units. The provision for onerous contracts recognized for this swap under other provisions was fully reversed in the current fiscal year. As part of the market valuation carried out as at the reporting date, a book gain of €0.2 million was recognized (see also note 39).

16. Taxes on income

    Taxes on income

    € million Deferred taxes on income	2025	2024 -93.4
    	-79.8
    Current taxes on income	-97.5	-22.7
    Total	-177.3	-116.1

    In the 2025 fiscal year, expenses from the decrease in deferred taxes of €71.2 million (previous year: €88.0 million) and from the increase in deferred tax liabilities of €8.6 million (previous year: €5.4 million) were recognized.

    With the Act for an Immediate Tax Investment Program to Strengthen Germany as a Business Location dated July 14, 2025, a gradual reduction of the corporate income tax rate was adopted. Deferred tax expense includes expenses of €9.8 million from the remeasurement of accounting differences, taking into account the applicable corporate income tax rate at the expected time of reversal.

    Taxes on income, including €3.9 million in tax income for previous years (previous year income of: €1.0 million), were recorded. The tax income included results from a final judgment in proceedings before the fiscal court.

17. Earnings after taxes/net income/profit earmarked for distribution

    Earnings after taxes/net income/profit earmarked for distribution

    € million Earnings after taxes/net income	2025	2024 343.5
    	521.0
    Additions to other revenue reserves	-260.5	-171.7
    Profit earmarked for distribution	260.5	171.8

    The Executive Board and the Supervisory Board will propose to the Annual General Meeting that €92.5 million be distributed from the profit earmarked for distribution (€1.00 per share) and that the remaining €168.0 million of the profit earmarked for distribution be transferred to other revenue provisions.

    ‌Explanations to the statement of financial pos ition

18. Non-current assets

    Statement of changes in non-current assets (development of fixed assets as at December 31, 2025)

    € million Intangible assets	Gross values
    	Acquisition and production costs
    	As at January 1, 2025	Additions	thereof interest	Disposals	Reclassifications	As at December 31, 2025
    Self-created rights, similar rights and values	25.2	0.8	0.0	-0.3	1.2	26.9
    Purchased software, usage rights and similar rights	154.7	6.3	0.0	-8.2	1.1	153.9
    	179.9	7.1	0.0	-8.5	2.3	180.8
    Property, plant, and equipment
    Land, land rights, and buildings, including buildings on leased lands	6,597.2	18.3	0.0	-9.0	29.0	6,635.5
    Technical equipment and machinery	3,349.5	53.0	0.0	-50.6	18.8	3,370.7
    Other equipment, operating and office equipment	468.5	27.8	0.0	-20.3	7.0	483.0
    Prepayments made and construction in progress	4,813.7	855.9	116.0	-17.0	-57.1	5,595.5
    	15,228.9	955.0	116.0	-96.9	-2.3	16,084.7
    Financial assets
    Investments in affiliated companies	2,034.9	27.4	0.0	-0.3	0.0	2,062.0
    Loans to affiliated companies	133.6	0.0	0.0	-28.6	0.0	105.0
    Investments	460.2	0.5	0.0	-39.5	0.0	421.2
    Loans to companies in which shareholdings are held	5.1	4.1	0.0	0.0	0.0	9.2
    Securities in non-current assets	845.2	324.6	0.0	-373.9	0.0	795.9
    Other loans	273.7	150.4	0.0	-130.0	0.0	294.1
    	3,752.7	507.0	0.0	-572.3	0.0	3,687.4
    Total		1,469.1	116.0	-677.7	-0.0
    	19,161.5					19,952.9

    	Gross values						Net values
    	Depreciation and Amortization
    	As at January 1, 2025	Additions	Disposals	Reclassifications	Writeups	As at December 31, 2025	As at December 31, 2025	As at December 31, 2024
    	19.2	1.2	-0.3	0.1	0.0	20.2	6.7	6.0
    	117.6	9.2	-8.2	-0.1	0.0	118.5	35.4	37.1
    	136.8	10.4	-8.5	0.0	0.0	138.7	42.1	43.1
    	4,131.0	169.5	-1.0	0.0	0.0	4,299.5	2,336.0	2,466.2
    	2,180.0	117.8	-49.8	0.5	0.0	2,248.5	1,122.2	1,169.5
    	323.5	29.8	-20.1	-0.5	0.0	332.7	150.3	145.0
    	21.3	17.1	-8.5	0.0	0.0	29.9	5,565.6	4,792.4
    	6,655.8	334.2	-79.4	0.0	0.0	6,910.6	9,174.1	8,573.1
    	297.2	0.0	-0.3	0.0	0.0	296.9	1,765.1	1,737.7
    	0.0	0.0	0.0	0.0	0.0	0.0	105.0	133.6
    	12.3	0.0	0.0	0.0	0.0	12.3	408.9	447.9
    	5.1	4.1	0.0	0.0	0.0	9.2	0.0	0.0
    	11.1	0.0	-11.1	0.0	0.0	0.0	795.9	834.1
    	0.1	0.0	-0.1	0.0	0.0	0.0	294.1	273.6
    	325.8	4.1	-11.5	0.0	0.0	318.4	3,369.0	3,426.9
    		348.7	-99.4	0.0	0.0			12,043.1
    	7,118.4					7,367.7	12,585.2

    Intangible assets

    Depreciation and amortization of intangible assets in the amount of €10.4 million related to regular depreciation and amortization as in the previous year (see also note 10).

    Property, plant, and equipment

    Additions to property, plant, and equipment amounted to €955.0 million. As in the previous year, the main additions were construction as part of the expansion program and renovations on existing infrastructure.

    In the fiscal year, book gains of €7.9 million and book losses of €1.3 million were recognized in the disposals (see also note 7 and note 11).

    Depreciation and amortization of property, plant, and equipment of €334.2 million was split into €317.1 million in regular depreciation and amortization and €17.1 million in unscheduled depreciation and amortization (previous year: €20.2 million) (see also note 10).

    Financial assets

    Additions to the shares in affiliated companies comprised €23.8 million in capital contributions to Lima Airport Partners S.R.L. and

    €3.6 million to Fraport Immobilienservice- und Entwicklungs-GmbH Co. KG.

    Disposals of loans to affiliated companies included repayments of loans from the Greek companies Fraport Regional Airports of Greece A S.A. (€5.2 million) and Fraport Regional Airports of Greece B S.A. (€23.4 million).

    Under investments, the addition of shares in Kalamata Airport S.A. (€0.6 million) and the disposal of shares in Delhi International Airport Private Limited (€39.5 million) are recorded.

    The additions to the securities in non-current assets in the amount of €324.6 million are cash deposits in fixed and floating interest-bearing bonds. The disposals of securities of €373.9 million related in particular to repayments of bonds that had matured.

    At the balance sheet date, the securities in non-current assets included interest-bearing securities with carrying amounts (€1,077.0 million) above the fair values (€1,076.4 million). As these changes in market value are due to changes in the general interest rate level, and these are securities for which the capital repayment will take place at the end of the term in the amount of the nominal volume, this is not a permanent impairment.

    The offset securities in non-current assets include fund units that have been acquired exclusively for the insolvency protection of credits from the time-account models and partial retirement claims of Fraport AG employees, as well as insolvency protection for active and inactive members of the Executive Board. In the 2025 fiscal year, fund units were increased by €1.9 million. Acquisition costs thus amounted to €57.5 million. These securities are measured at fair value (€57.2 million) and credited against the corresponding provisions (see also note 4 and 29). A portion of the Deka assets in the amount of €13 million is now freely available and no longer serves to secure value-time accounts, as the hedging purpose for this has ceased to apply. The shares are reported as additions in the statement of changes in non-current assets. The acquisition cost corresponds to the fair value at the time of acquisition.

    The securities settled included units in a fund with a custody portfolio of more than 10% of the total fund assets (investment objective: medium to long-term capital growth). There are no restrictions regarding the possibility of daily redemptions. As at the balance sheet date, the fair value was €7.7 million. The distribution for the fiscal year amounted to €0.1 million.

19. Inventories

    Inventories

    € million	December 31, 2025	December 31, 2024 18.7
    Raw materials, consumables, and supplies
    	20.1

    Raw materials, consumables, and supplies mainly relate to spare parts for technical equipment and machinery, spare parts for operating and office equipment, as well as de-icing agents for de-icing the runway system.

20. Trade accounts receivable

    Trade accounts receivable

    € million Trade accounts receivable

    December 31, 2025 172.9

    December 31, 2024 196.4

    As in the previous year, all accounts receivable had a remaining term of up to one year.

21. Other accounts receivable and other assets

    Other accounts receivable and other assets

    € million Accounts receivable from affiliated companies	December 31, 2025	Remaining term			December 31, 2024 38.0	Remaining term
    		up to 1 year				up to 1 year 38.0	0.0	0.0
    	64.1	64.1	0.0	0.0
    Accounts receivable from companies in which shareholdings are held	16.1	16.1	0.0	0.0	16.2	16.2	0.0	0.0
    Other assets	98.9	86.4	11.3	1.2	140.5	118.0	19.3	3.2
    thereof interest receivables	35.1	35.1	0.0	0.0	41.2	41.2	0.0	0.0
    thereof passive noise abatement/wake turbulence	18.3	5.8	11.3	1.2	29.1	6.6	19.3	3.2
    Total	179.1	166.6	11.3	1.2	194.7	172.2	19.3	3.2

    • 1-5 years

    • 5 years

    • 1-5 years

    • 5 years

    Accounts receivable from affiliated companies mainly amounted to €32.9 million from profit claims (previous year: €20.6 million) and €29.0 million in liabilities from services transactions (previous year: €14.4 million). As in the previous year, no liabilities were offset from services transactions.

    Accounts receivable from companies in which shareholdings are held amounted to €16.1 million from services transactions (previous year: €16.2 million). As in the previous year, no liabilities were offset from services transactions.

    The interest receivables were predominantly interest accruals for time deposits, loans and concluded interest rate hedging transactions.

    The other asset, "Passive noise abatement/wake turbulence," relates to the accounting of a reimbursement claim from airlines. This resulted from the refinancing of passive noise abatement expenses from airlines based on the approval of noise abatement charges. In the fiscal year, noise abatement fees of €11.2 million (previous year: €10.7 million) were collected. The interest accrued on the receivable amounted to €0.3 million (previous year: €0.4 million). The corresponding provision is explained in note 30.

22. Securities

    Securities

    € million	December 31, 2025	December 31, 2024
    Other securities		190.3
    	49.6

    In the fiscal year, short-term securities in the amount of €100.6 million were acquired. Furthermore, short-term securities in the amount of €241.7 million were disposed of as planned.

23. Cash on hand and bank balances

    Cash on hand and bank balances

    € million Short-term overnight and time deposits	December 31, 2025 1,881.3	December 31, 2024 1,685.0
    Other balances	16.9	16.0
    Total	1,898.2	1,701.0

    Short-term call and time deposits consisted of investments of €1,823 million in € and €58.3 million in USD (previous year: exclusively investments in €).

    Other balances mainly related to balances in current accounts.

24. Accruals

    Accruals

    € million Construction grants	December 31, 2025	December 31, 2024 28.5
    	26.9
    Others	23.9	25.8
    Total	50.8	54.3

    Construction grants or subsidy-like accrual amounts are predominantly awarded to third parties for the construction of facilities in accordance with the special requirements of Fraport AG.

    Other accruals included discounts of €4.3 million (previous year: €5.7 million).

25. Deferred tax assets

    Deferred tax assets of €143.9 million (previous year: €215.1 million) mainly result from temporary differences between the commercial and tax valuations of property, plant, and equipment and provisions, as well as from carryforwards of unused tax losses, insofar as loss carryforward is expected within the next five years. On the basis of the tax planning calculation, deferred taxes were recognized on all loss carryforwards in this fiscal year and in the previous year. Deferred taxes were calculated using an income tax rate of 28.9% (previous year: approximately 31.8%). In determining the applicable tax rate on temporary differences, the stepwise reduction of the corporate income tax rate (from 2028 to 2032 from 15% to 10%) was taken into account.

26. Assets arising from the overfunding of pension obligations

    Securities of non-current assets acquired exclusively for the insolvency protection of credits from the time-account models and partial retirement claims of Fraport AG employees were credited against the corresponding provisions. The amount exceeding the provisions of €11.1 million (previous year: €17.6 million) was reported under the item "Assets arising from the overfunding of obligations" (see also notes 4, 18, and 29).

27. Shareholders' equity

    Development of shareholders' equity

    € million As at January 1, 2025	Issued capital	Capital reserve	Revenue reserves		Profit earmarked for distribution	Total
    			Statutory reserves	Other revenue reserves
    	923.9	606.3	36.5	1,810.1	171.8	3,548.6
    Allocation of the 2024 profit earmarked for distribution to other revenue reserves				171.8	-171.8	0.0
    Sale of treasury shares	0.8	4.0		0.9		5.7
    Net income for 2025					521.0	521.0
    Allocation from 2025 net income to other revenue reserves				260.5	-260.5	0.0
    As at December 31, 2025	924.7	610.3	36.5	2,243.3	260.5	4,075.3

    Is sued capital

    The issued capital consists of 92,468,704 no-par-value bearer shares, each representing a proportionate amount of €10.00 of the share capital.

    At the beginning of the fiscal year, the company held 77,365 treasury shares with a nominal amount of €0.8 million in total, corresponding to 0.09% of the share capital. The treasury shares were acquired in 2002 in connection with the remuneration of the Executive Board. The original purpose had already ceased to apply in previous years, so that in the current fiscal year, the company sold all treasury shares in two tranches at a selling price of €72.88 and €73.55 per share. Total proceeds from the sale amounted to €5.7 million. The sale was executed at market conditions via the stock exchange. The excess amount from the sale proceeds over and above the nominal amount was allocated to the respective reserves up to the amount of €0.9 million that had been offset against freely available reserves. The remaining excess amount of €4.0 million was allocated to the capital reserve. Incidental costs of the sale were recognized as expenses in the fiscal year.

    Authorized capital

    At the Annual General Meeting on June 1, 2021, authorized capital ("Authorized Capital II") of €458.8 million was approved. The Executive Board is entitled, with the approval of the Supervisory Board, to increase the capital stock on one or more occasions by up to a total of €458.8 million until May 31, 2026 by issuing up to 45,884,352 new no-par value bearer shares in return for cash. In principle, the shareholders are to be granted a subscription right. The new shares may also be underwritten by financial institutions with the obligation to offer them to company shareholders for subscription. The new shares will participate in the net income from the beginning of the fiscal year of their issue. To the extent legally permissible, the Executive Board, with the consent of the Supervisory Board and in deviation from Section 60 (2) AktG, can determine that the new shares will participate in net income from the beginning of a fiscal year that has already expired and for which no resolution has yet been passed by the Annual General Meeting on the appropriation of the profit earmarked for distribution at the time of their issue. The Executive Board is further authorized, also with the consent of the Supervisory Board, to exclude the subscription right of the shareholders on one or more occasions, insofar as this is necessary to compensate for residual amounts.

    Contingent capital

    On June 1, 2021, the Annual General Meeting also resolved to conditionally increase the capital stock by up to €120.2 million by issuing up to 12,020,931 new no-par value bearer shares ("contingent capital"). The contingent capital serves exclusively to grant shares to the holders or creditors of convertible bonds and/or bonds with warrants or a combination of all these instruments, which

    are issued up to May 31, 2026, by the company in accordance with the authorization resolved by the Annual General Meeting on June 1, 2021, and grant a conversion or option right to new no-par value bearer shares in the company or determine a conversion or option obligation or a right to tender and insofar as the issue takes place in return for cash. The new shares are issued at the conversion or option price to be determined according to the previously mentioned authorization resolution. The contingent capital increase is only to be carried out to the extent that conversion or option rights are exercised, or the conversion/option obligation is satisfied, or shares are tendered, and no other forms of fulfillment are used. The new shares will participate in the net income from the beginning of the fiscal year in which they are created by exercising conversion or option rights or through the fulfillment of corresponding obligations (fiscal year of origin); in deviation from this, the new shares will participate in the net income from the beginning of the fiscal year preceding the fiscal year in which they were created if the Annual General Meeting has not yet passed a resolution on the utilization of the profit earmarked for distribution from the fiscal year preceding the fiscal year in which they were created. The Executive Board is authorized, with the consent of the Supervisory Board, to determine the further details of the implementation of contingent capital increases.

    The Executive Board did not make use of the authorization to carry out a contingent capital increase. As in the previous year, the contingent capital amounts to €120.2 million as at December 31, 2025.

    Other revenue reserves

    On the basis of the resolution of the Annual General Meeting on the appropriation of profit earmarked for distribution for the 2024 fiscal year, €171.8 million was allocated to other revenue reserves. Of the net income of €521.0 million for the 2025 fiscal year,

    €260.5 million was allocated to other revenue reserves.

    Profit earmarked for distribution

    The Executive Board and the Supervisory Board will propose to the Annual General Meeting that €92.5 million be distributed from the profit earmarked for distribution (€1.00 per share) and that the remaining €168.0 million of the profit earmarked for distribution be transferred to other revenue reserves.

    Distribution block

    The amount blocked from distribution pursuant to Section 253 (6) sentence 1 HGB, which results from the difference between the measurement of pension provisions at the 10-year average interest rate and the 7-year average interest rate, amounted to

    €0.0 million in the current fiscal year, as in the previous year.

    The amount blocked from distribution in accordance with Section 268 (8) of the HGB, amounting to €129.5 million (previous year:

    €209.0 million), was composed as follows:

    • €112.1 million from the capitalization of deferred taxes (previous year: €194.9 million).

    • €9.8 million from the capitalization of self-created rights, similar rights, and values (previous year: €7.8 million).

    • €7.6 million from the capitalization of assets at fair value (previous year: €6.3 million)

    The distribution block totaling €129.5 million (previous year: €209.0 million) would not have been applied because sufficient free reserves were available.

28. Special items for investment grants in non-current assets

    Special items for investment grants in non-current assets

    € million Special items for investment grants in non-current assets

    December 31, 2025 14.2

    December 31, 2024 13.8

    This item included investment grants for additional services provided by Fraport AG, which are billed to the users thereof. The grants are received on a straight-line basis in terms of income according to the remaining useful life of the fixed assets concerned and are reported as other operating income.

29. Provisions

    Provisions

    € million Provisions for pensions and similar obligations	December 31, 2025	December 31, 2024 38.4
    	37.6
    Provisions for taxes	143.6	85.4
    Other provisions	377.5	319.1
    Total	558.7	442.9

    Provisions for pensions and s imilar obligations

    € million Provisions for pensions and similar obligations	January 1, 2025	Use	Addition/ release	thereof compounding (+) discounting (-)	December 31, 2025
    	17.6	-2.0	0.5	+0.1	16.1
    Other pension commitments	20.8	-0.7	1.4	+0.2	21.5
    Total	38.4	-2.7	1.9	+0.3	37.6

    The pension obligations included pension commitments to active and former members of the Executive Board and their surviving dependents.

    The Executive Board members are entitled to pension benefits and benefits for surviving dependents. If an Executive Board member retires from office during the term of, or upon expiration of, their service agreement or if permanent occupational disability occurs during the term of the agreement, the member is entitled to a retirement pension. If an Executive Board member dies, benefits are paid to their surviving dependents. These amount to 60% of the retirement pension for the widower or widow; children entitled to receive benefits receive 12% each. If no widow's pension is paid, the children each receive 20% of the retirement pension.

    Upon retirement, income from active employment as well as retirement pension payments from previous or, where applicable, later employment relationships shall generally be credited against accrued retirement pensions up until reaching 60 years of age, insofar as without such credit the total of these emoluments and the retirement pension would exceed 75% of the fixed salary (100% of the fixed salary if Fraport AG wishes the employment to be terminated or not be extended). Effective January 1 of each year, the retirement pensions are adjusted at discretion, taking into account the interests of the respective former Executive Board member and the company's economic situation. The adjustment obligation is considered to be satisfied if the adjustment does not fall below the increase in the price index for the cost of living for households in Germany. The retirement pension of an Executive Board member is defined by the percentage of a contractually agreed basis of assessment, with the percentage generally rising annually by 2.0% up to a limit of 75%, dependent on the duration of time an Executive Board member is appointed.

    As at December 31, 2025, Dr. Schulte is entitled to a retirement pension of 75% of the respective contractually agreed basis of assessment and has thus reached the maximum. As at December 31, 2025, Prof. Zieschang is entitled to a retirement pension of 66% of the respective contractually agreed basis of assessment.

    In the event of occupational disability, the pension rate for Dr. Schulte and Prof. Zieschang amounts to at least 55% of the contractually agreed basis of assessment.

    For Executive Board members appointed from 2012 onwards, the pension benefits, benefits for surviving dependents, and benefits for long-term occupational disability are governed by a separate benefit agreement. This calls for the payment of a one-time pension capital lump sum or a lifelong retirement pension after the insured event. The insured event occurs at the end of the month in which the employee reaches the age of 62 or 65, or in the event of permanent occupational disability. At the same time, the Executive Board member must have left Fraport AG at the end of the employment contract. The pension capital is generated when Fraport AG annually credits 40% of the fixed annual gross salary paid to a pension account. The pension capital accumulated at the end of the previous year accrues interest annually at the interest rate used for the valuation of the pension obligations in the commercial balance sheet of Fraport AG at the end of the previous year pursuant to Section 253 (2) HGB. Said interest rate is at least 3% and at most 6%. This is increased by 1% on January 1 of each year for lifelong retirement payments.

    No further adjustment is made. If the pension capital reached is less than €600 thousand when retirement benefits fall due as a result of permanent occupational disability, Fraport AG will increase it to this amount. In the event of long-term occupational disability within the first five years of their activities performed as members of the Executive Board, it is foreseen that Executive Board members can postpone the start of retirement pension payments by a maximum of five years from the start of the employment contract. Until the postponed start of the retirement pension payments, they will receive a monthly retirement pension of €2.5 thousand. The risk of pension payments in the increase phase and of payments for the increase is generally reinsured by an occupational disability insurance policy. The full amount of all income pursuant to the Income Tax Act from employment or self-employment is credited against the retirement pension paid until the end of the month in which the Executive Board member reaches the age of 62 or 65.

    For the members of the Executive Board appointed from 2012 onwards, the surviving dependents receive the following benefits: If there is no prior event giving rise to retirement benefits, the widow or widower receives the pension capital generated so far. If there is no widow or widower entitled to benefits, each half-orphan receives 10%, and each full orphan receives 25% of the pension capital generated so far as a one-time payment. If the pension capital reached is less than €600 thousand upon death, Fraport AG will increase it to this amount. The payment risk of this increase is generally reinsured by a term life insurance policy. If an Executive Board member dies while collecting a retirement pension, the widow or widower is entitled to 60% of the last retirement pension paid. Half-orphans receive 10%, and full orphans receive 25% of the last retirement pension paid. If there are no surviving dependents as set forth above, the heirs receive a one-time death grant in the amount of €8 thousand.

    Moreover, each member of the Executive Board has entered into a two-year post-contractual non-competition clause. For this period, appropriate ex gratia compensation in the amount of 50% of the contractual benefits last received by the member of the Executive Board is granted (within the meaning of Section 74 (2) HGB); when calculating compensation, the variable remuneration components shall be taken into account according to the average of the last three completed fiscal years. If the current remuneration system has not existed for three fiscal years at the end of the contract, the average variable remuneration is determined based on the duration of the contract in accordance with the current remuneration system (within the meaning of Section 74b (2) HGB). Payment shall be made in monthly installments. The compensation shall be credited against any retirement pension owed by Fraport AG. In the case of Executive Board members appointed before 2012, this applies if the compensation, together with the retirement pension and other income generated, exceeds 100% of the last fixed annual salary. In the case of Executive Board members appointed since 2012, the full amount of the compensation is credited against the retirement pension up to the end of the month in which the member reaches the age of 62 or 65. Payments on the occasion of premature termination of Executive Board membership are credited against the ex gratia compensation. The company may waive the non-competition clause in writing until the end of the contractual relationship so that it is released from the obligation to pay the ex gratia compensation six months after the declaration.

    No other benefits have been promised to Executive Board members should their employment be terminated.

    For new contracts, a pension allowance of up to 40% of the annual gross base salary may be granted instead of a pension commitment. So far, there has been no case of application for this new regulation.

    Other pension commitments mainly include employer-financed pension commitments for senior managers and non-salaried employees as well as employee-financed pension commitments.

    Reinsurance is available to reduce actuarial risks and to protect pension obligations for active and inactive members of the Executive Board against insolvency. Acquisition costs amounted to €10.6 million as at December 31, 2025 (previous year:

    €11.9 million). The pro rata asset value (liability method - Passivprimat) of reinsurance in the amount of €19.9 million (previous year: €20.8 million) was credited against the corresponding pension provision. The settlement amount of the pension obligation (before the aforementioned crediting) amounted to €26.8 million as at December 31, 2025 (previous year: €28.2 million). Furthermore, in the fiscal year, the pension obligations of Fraport AG were credited against the securities acquired to protect these obligations from insolvency in the amount of the fair value of €1.7 million (previous year: €1.2 million). Acquisition costs amounted to €1.8 million as at December 31, 2025 (previous year: €1.3 million) (see also note 4).

    In the fiscal year, income from insurance and securities in the total amount of €0.1 million (previous year: €0.3 million) was offset against expenses.

    Fraport AG has insured its employees for the purposes of granting a company pension under the statutory insurance scheme based on a collective bargaining agreement (Altersvorsorge-TV-Kommunal [ATV-K]) with the Zusatzversorgungskasse für die Gemeinden und Gemeindeverbände in Wiesbaden (top-up provision insurance scheme for local authority and municipal employers in Wiesbaden - ZVK). The contributions are collected based on a pay-as-you-go model. The ZVK Wiesbaden contribution rate is 7.0% on remuneration liable to top-up pension payments (previous year: 7.0%); of which the employer pays 6.1% (previous year: 6.1%), with the contribution paid by the employee amounting to 0.9% (previous year: 0.9%). In addition, a tax-free restructuring fee of 1.4% of the remuneration liable to top-up pension payments is levied by the employer in accordance with Section 63 of the ZVK Statutes (ZVKS). The remuneration amounts subject to contributions amounted to €476.5 million. The obligations carried out via the ZVK are indirect pension obligations for which no provisions have been established in accordance with Article 28 (1) sentence 2 of the Introductory Law to the German Commercial Code (EGHGB)

    Provisions for taxes

    Tax provisions of €143.6 million (previous year: €85.4 million) were accrued for unassessed corporation tax, trade taxes, property tax, as well as for tax audit risks.

    Other provisions

    € million Personnel	January 1, 2025 118.9	Use -73.1	Release -20.3	Allocation/ reclassification/ offsetting of plan assets 123.5	thereof compounding (+) discounting (-) +1.3	December 31, 2025 149.0
    Outstanding invoices	55.7	-41.0	0.0	44.8	0.0	59.5
    Environment	42.7	-1.5	0.0	7.3	-1.3	48.5
    Damages to customers	37.3	-1.6	-5.6	5.3	0.0	35.4
    Discounts and provisions	23.5	-15.6	0.0	17.1	0.0	25.0
    Wake turbulences	17.8	-2.4	0.0	0.0	0.0	15.4
    Environmental compensation	12.5	-0.4	-2.5	0.0	0.0	9.6
    Others	10.7	-2.8	-0.6	27.8	0.0	35.1
    Total	319.1	-138.4	-29.0	225.8	0.0	377.5

    Personnel-related provisions largely related to variable wage and salary components, such as the profit-sharing scheme for employees of Fraport AG, claims from time credits, agreed partial retirement arrangements, and individual agreements for the implementation of personnel management measures.

    Furthermore, in the fiscal year, the provisions for time account models and partial pension obligations of Fraport AG employees were offset against securities and insurance acquired to protect these obligations from insolvency amounting to €32.1 million (previous year: €59.2 million) (see also note 4 and note 19). In total, these provisions amounted to €76.6 million (previous year:

    €97.4 million). The acquisition costs of the offset securities and insurance policies amounted to €41.8 million (previous year:

    €76.3 million). The market value of these offset positions was €43.2 million (previous year: €76.8 million). The amount exceeding the provisions of €11.1 million (previous year: €17.6 million) was reported under the item "Assets arising from the overfunding of obligations" (see also notes 4, 19, and 27). The provisions remaining after offsetting amounted to €44.5 million (previous year:

    €38.2 million). In the fiscal year, income from securities in the total amount of €1.8 million (previous year €2.6 million) was generated. These were fully offset against expenses.

    Environmental provisions were established primarily for probable restructuring costs for the elimination of groundwater contamination on the airport site and for environmental pollution in the southern section of the airport.

    The wake turbulence protection program concerns the protection of roofs in the defined eligible areas to protect against damage to roof cladding due to gusts of wind caused by wake turbulences. The provisions result from the corresponding supplemental planning zoning decisions dated May 10, 2013, and May 26, 2014.

30. Bonds

    Bonds

    	December	Remaining term			December	Remaining term
    € million	31, 2025				31, 2024
    		up to 1 year				up to 1 year
    Bonds	2,100.0	0.0	1,450.0	650.0	2,100.0	0.0	1,450.0	650.0

    • 1-5 years

    • 5 years

    • 1-5 years

    • 5 years

    A corporate bond in the amount of €650 million with a coupon of 4.250% p.a. was issued by Fraport AG in the 2024 fiscal year. The bond has a term of eight years. The issue price was 99.635%.

    In addition, a seven-year bond with a volume of €800 million was issued in the 2021 fiscal year. The yield was set at 1.925% p.a., with a coupon of 1.875% p. a. The issue price was 98.775%.

    In addition, a bond in the amount of €500 million with a coupon of 2.125% p.a. was issued in the 2020 fiscal year. The bond has a term of seven years. The issue price was 99.05%.

    In addition, a bond of €150 million was issued in the 2009 fiscal year. This bond has a coupon of 5.875% p.a. and a term of 20 years. The issue price was 98.566%.

    In the previous year, bonds in the amount of €650 million were repaid as planned.

31. Liabilities to banks

    Liabilities to banks

    	December	Remaining term			December	Remaining term
    € million	31, 2025				31, 2024
    		up to 1 year				up to 1 year
    Liabilities to banks	7,670.5	1,193.7	3,205.3	3,271.5	7,875.9	1,257.0	3,386.9	3,232.0

    • 1-5 years

    • 5 years

    • 1-5 years

    • 5 years

    In the 2025 fiscal year, as in the previous years, extensive financing measures were taken to secure liquidity in the long term. In addition to the scheduled repayment of short-, medium-, and long-term loans as well as a reduction in overnight and time deposits of €1,057.6 million, further long-term liabilities to banks in the amount of €1,007.5 million were incurred.

32. Trade accounts payable

    Trade accounts payable

    	December	Remaining term			December	Remaining term
    € million	31, 2025				31, 2024
    		up to 1 year				up to 1 year
    Trade accounts payable	248.9	172.6	66.5	9.8	245.7	169.0	62.3	14.4

    • 1-5 years

    • 5 years

    • 1-5 years

    • 5 years

33. Other liabilities

    Other liabilities

    € million Prepayment for orders	December 31, 2025 1.4	Remaining term			December 31, 2024 1.2	Remaining term
    		up to 1 year 1.4	0.0	0.0		up to 1 year 1.2	0.0	0.0
    Liabilities to affiliated companies	287.4	287.4	0.0	0.0	272.1	272.1	0.0	0.0
    Liabilities to companies in which shareholdings are held	15.0	15.0	0.0	0.0	8.5	8.5	0.0	0.0
    Other liabilities	67.0	56.9	9.5	0.6	62.1	51.9	9.5	0.7
    thereof from taxes	5.2	5.2	0.0	0.0	5.1	5.1	0.0	0.0
    Total	370.8	360.7	9.5	0.6	343.9	333.7	9.5	0.7

    • 1-5 years

    • 5 years

    • 1-5 years

    • 5 years

    Liabilities to affiliated companies mainly included €256.5 million in "CashPool" liabilities (previous year: €249.9 million), with

    €18.9 million from profit claims (previous year: €8.2 million) and €12.0 million in liabilities from services transactions (previous year: €14.0 million). As in the previous year, these liabilities were not offset against accounts receivable from services transactions.

    The "CashPool" liabilities are mainly related to "CashPool" balances of Airport Assekuranz Vermittlungs-GmbH in the amount of

    €172.3 million (previous year: €168.7 million).

    Liabilities to companies in which shareholdings are held amounted to €5.8 million in "Cash Pool" liabilities (previous year:

    €5.5 million) and €9.2 million in liabilities from services transactions (previous year: €3.0 million). As in the previous year, these liabilities were not offset against accounts receivable from services transactions.

    Other liabilities included liabilities of €34.6 million (previous year: €34.6 million) relating to the annual interest payments to be made for the bonds placed in the current fiscal year and in previous years (see also note 30).

    All liabilities are unsecured.

34. Deferred income

    Deferred income

    € million Development cost contributions	December 31, 2025	December 31, 2024 12.5
    	11.8
    Advance rent payments	3.5	3.9
    Others	21.8	17.2
    Total	37.1	33.6

    The deferred income items are mainly development cost contributions received for the development of land that Fraport AG carried out for the subsequent users.

35. Deferred tax liabilities

    As at the balance sheet date, deferred tax liabilities amounting to €35.4 million (previous year: €26.8 million) for temporary accounting differences between the commercial and tax balance sheets were recognized. These mainly related to differences in the measurement of intangible assets and property, plant, and equipment. The increase in deferred tax liabilities in the fiscal year under review is mainly due to changes in intangible assets and property, plant, and equipment.

    ‌Additional dis clos ures

36. Disclosures on contingent liabilities and other financial obligations

    Contingent liabilities

    As at December 31, 2025, the following contingent liabilities were recognized:

    € million Guarantees	December 31, 2025	December 31, 2024 1.1
    	1.1
    Warranty contracts	420.6	1,542.4
    thereof contract performance guarantees	400.0	1,516.7
    thereof relating to pensions	20.6	20.6
    Others	5.1	5.8
    thereof vis-à-vis affiliated companies	0.0	0.0
    Total	426.8	1,549.3

    The reasons for concluding the existing contingent liabilities result from the respective contractual conditions in connection with the domestic and international investment projects. Based on past experience and the ongoing monitoring of the liquidity situation of the projects, Fraport AG considers the risk of utilization to be extremely low. It therefore does not appear to be necessary to recognize these contingencies as a liability.

    In the following, the material guarantee contracts or contractual performance guarantees are explained.

    In December 2021, Fraport AG and its partner company TAV Airports Holding were awarded the tender for the new concession to operate Antalya Airport. This new concession runs from 2027 to 2051. To do so, the concession company took out a bridge loan in the amount of €2,233.0 million via a banking consortium. This primarily financed the advance payment of the concession fee and the expansion activities at the Antalya site. Drawdowns were made in individual tranches. As at April 30, 2025, a new loan in the amount of €2,500.0 million with a term of 13 and 13.5 years, respectively, replaced the existing financing. As at December 31, 2025, €2,356.4 million of this amount had been drawn down. Unlike the previous agreement, this new loan agreement does not include a blanket financing guarantee in favor of the lending bank consortium in the form of full recourse, but rather individual covenant components with corresponding partial guarantees from the two shareholders. These are standard components of financing agreements in the context of project financing. As a result, there are no material obligations to be described for Fraport AG as at December 31, 2025. The only obligation to be disclosed as at December 31, 2025, consists of potential equity contributions to the new concession company. This would apply in the event that possible legal disputes were to result in adverse final court decisions or arbitral awards against the company. Currently, no adverse decisions are pending. The total amount is capped at €12.5 million per shareholder. This obligation ends upon commencement of operations (scheduled for January 1, 2027).

    In the course of this acquisition, the concession company Fraport TAV Antalya Yatırım Yapım ve İşletme A.Ş. had to submit a contract performance guarantee to the Turkish aviation authority as the grantor upon signing the concession agreement on December 28, 2021. This guarantee is currently provided by the Turkish Ziraat Bank (unchanged from 2024) and reinsured by the shareholders in accordance with their shares in the consortium (Fraport share: €38.3 million). The counter-guarantee of this performance guarantee will increase to €145.0 million (Fraport share) by the end of 2026.

    The Fraport Group and the Brazilian Government signed concession agreements on July 28, 2017, for the operation and further development of the Brazilian airports of Fortaleza and Porto Alegre. This commitment resulted in guarantees of €288.3 million (previous year: €278.1 million).

    In connection with the service concession for the 14 Greek regional airports, there are various contract performance guarantees totaling €22.6 million (previous year: €24.9 million).

    In addition, there is a pro rata contract performance guarantee in the amount of €15.7 million (previous year: €20.3 million), which was concluded as part of the operation at Lima Airport, Peru. The amount of the guarantee is regularly adjusted and depends on the investment obligations already fulfilled by the subsidiary in Lima.

    In connection with the operation of the airports in Varna and Burgas, Fraport AG has assumed a pro rata contract performance guarantee of €4.5 million for the Group company subsidiary Fraport Twin Star Airport Management AD, Bulgaria.

    The contract performance guarantees continue to include joint and several liability toward the Airport Authority Hong Kong in connection with the Investment Project Tradeport Hong Kong Ltd. in the amount of €4.4 million (previous year: €5.0 million).

    The other contingent liabilities include the liability of Fraport AG in the amount of €5.1 million for rentals payable by Lufthansa Cargo Aktiengesellschaft to ACC Animal Cargo Center Frankfurt GmbH if Lufthansa Cargo Aktiengesellschaft exercises an extraordinary right to terminate the contract (previous year: €5.8 million).

    Other Financial Obligations

    € million Obligations arising from rental and leasing contracts	December 31, 2025	December 31, 2024 133.1
    	124.9
    due within the next fiscal year	16.6	16.5
    due within the next four years	41.3	41.4
    due within the years that follow	67.0	75.2
    Order commitments	1,566.3	1,661.9
    thereof construction measures	608.5	803.0
    thereof other	957.8	858.9
    Others	366.5	445.7
    Total	2,057.7	2,240.7
    thereof vis-à-vis affiliated companies	731.4	773.7
    thereof vis-à-vis joint ventures	74.4	85.8
    thereof vis-à-vis affiliated companies	1.0	3.2

    Rental and leasing contracts are concluded to secure the capacities necessary for operations and to ensure economic advantages. Obligations from rental and lease agreements amount to €124.9 million (previous year: €133.1 million) and include (€70.1 million; previous year: €77.2 million) obligations to affiliated companies.

    The order commitments improved to €1,566.3 million (previous year: €1,661.9 million). Thereof, €608.5 million (previous year:

    €803.0 million) was attributable to construction measures, and €957.8 million (previous year: €858.9 million) relate to other matters. The construction measures primarily relate to capacity expansion measures at the Frankfurt site, particularly with regard to the new Terminal 3. The individual terms are usually shorter multi-year periods. Other purchase obligations largely relate to services from the areas of airport security, ground services, and cleaning. The total amount of other purchase obligations includes

    €526.8 million in obligations to affiliated companies and €69.1 million to joint ventures. As a rule, the terms of these orders amount to one year and are reflected accordingly in purchase obligations on the basis of planned values.

    Other financial obligations of €366.5 million (previous year: €445.7 million) mainly include capital contribution obligations (Equity Support Agreement of December 22, 2022) in connection with our Group company at Lima Airport, Peru. In order to finance the expansion of the airport, which is planned under the concession agreement, a financing agreement was concluded between our operating company Lima Airport Partners and a banking consortium. To secure this financing, Fraport AG has undertaken, while maintaining certain equity/debt ratios, to increase the pro rata shareholders' equity to up to €327.7 million (US$385.0 million; December 31, 2024: €369.8 million, US$385.0 million). Of this amount, US$300.0 million had already been paid into the operating company as shareholders' equity in the fiscal years 2023 to 2025. As at December 31, 2025, outstanding payment obligations therefore amount to €72.3 million (US$85.0 million). The contractual payment obligation is denominated in USD. The payments will each be made concurrently in proportion to the loan amount drawn. In the event of default or contractual non-performance (event of default), the banks have the right to demand the outstanding amount directly from Fraport AG as an equity contribution to the operating company.

    In addition, obligations from long-term supply contracts exist for the procurement of electricity, cooling, and heating, totaling

    €226.5 million (previous year: €262.9 million). The total commitments for electricity procurement amount to €221.1 million. This mainly consists of a multi-year green power supply contract structured as a Power Purchase Agreement (PPA) for offshore wind energy with EnBW Energie Baden-Württemberg AG. The contract has a total term of 15 years. Electricity supply from this wind farm is scheduled to begin on July 1, 2026. In addition, there are three other smaller electricity supply contracts with various providers. There are also contractual procurement obligations with Mainova AG amounting to €5.4 million for the supply of cooling and heating.

37. Share-based remuneration

Performance Share Plan

The long-term performance-related compensation component consists of a performance share plan (PSP) with a four-year performance period.

At the start of the plan, each member of the Executive Board, or each plan participant, is promised a target amount in euros according to their function as an allocation value.

As at January 1, 2025, 89,985 virtual shares were issued for the 2025 PSP tranche. Their term is four years, ending on December 31, 2028.

The allocation value is divided by the initial fair value (i.e., the actuarially determined fair value according to the accounting standard IFRS 2, Share-based Payment) per performance share at the beginning of the performance period, resulting in the provisional number of virtual performance shares allocated.

The achievement of the Performance Share Plan is determined by two performance criteria, Earnings Per Share (EPS) and the Total Shareholder Return (TSR) compared to the MDAX Index.

• The Earnings Per Share (EPS) criterion is used as an internal financial performance target and is taken into account with a weighting of 70%. The EPS performance criterion provides incentives to operate profitably. This forms the basis for the sustainable and long-term growth of Fraport AG and ensures the financing capacity of necessary capital expenditure and thus the achievement of important strategic goals. Long-term growth helps Fraport AG to achieve its objective of establishing itself as Europe's best airport operator and also to set global standards among the competition. In determining the achievement of the EPS target, a target value derived from strategic planning is compared with the actual EPS value achieved. This compares the average of the annual actual EPS values determined during the performance period with the average target EPS. If the average actual EPS value is equal to the average target EPS (target value), the target achievement rate is 100%. If the average actual EPS value is 25% below the target value, the target achievement rate is 50%. If the average actual EPS value is more than 25% below the target value, the target achievement rate is 0%. If the average actual EPS value is 25% or more above the target value, the target achievement rate is 150%. Between these values, the degree of achievement follows a straight-line development.

• As a further performance criterion, the relative Total Shareholder Return (TSR) uses an external performance criterion geared to the capital market, which is weighted at 30%. The relative TSR takes into account the development of the Fraport AG share price plus fictitious reinvested gross dividends compared to a predefined comparison group. The relative TSR links the interests of the Executive Board and shareholders and integrates a relative measurement of success into the remuneration system for the Executive Board. This creates an incentive to outperform the relevant comparison group in the long term. Fraport AG pursues the goal of being an attractive investment for shareholders and therefore provides an incentive for above-average success on the capital market. Achieving the target for the relative TSR is based on a comparison with the MDAX. The Supervisory Board considers the MDAX to be an appropriate benchmark group, as Fraport AG is listed in this index and the MDAX consists of companies of a comparable size. To calculate the TSR in the performance period of the Fraport AG share and the MDAX, the arithmetic average of the closing prices over the last 30 trading days before the beginning of a year of the performance period and over the last 30 trading days before the end of a year of the performance period is determined for each year of the performance period and then averaged relative to the four years of a performance period. In determining the arithmetic average of closing prices at the end of the performance period, a fictitious amount of reinvested gross dividends is also taken into account. The target achievement is 100% if the TSR performance of the Fraport AG share corresponds to the TSR performance of the comparison group. If the TSR performance of the Fraport AG share is 25 percentage points below the TSR performance of the MDAX, the target achievement is 50%. If the TSR performance of the Fraport AG share is more than 25% below the TSR performance of the MDAX, the target is 0%. If the TSR performance of the Fraport AG share is 25 percentage points or more above the TSR performance of the MDAX, the target achievement is 150%. Target achievements between the defined target achievement points progress in a straight line.