Fraport Group has reported stronger financial results for the first nine months of 2025, with growth across all key indicators and a return to positive cash flow for the first time in seven years.
The German airport operator said group revenue rose 7.8% year on year to €3.2bn, after adjustments for construction-related income under IFRIC 12 reporting standards.
Net profit increased 1.7% to €442m, while free cash flow climbed by €366m to €48m, marking the first positive nine-month result since 2018.
Chief executive Dr Stefan Schulte said the company’s performance was “well on track”, driven by continued traffic growth across its global network.
However, he cautioned that passenger numbers at Frankfurt Airport – Fraport’s largest hub – remained constrained by what he described as “exceptionally high regulatory costs” in Germany.
Dr Schulte said: “Outside Germany, we’ve successfully completed major capacity expansions at Antalya and Lima, which have already had a positive impact on cash flow.
“We now expect free cash flow to approach break-even for the full year.”
Global traffic returns to 2019 levels
Fraport’s airports handled around 144 million passengers in the first nine months of 2025, up 4.6% year on year and back to pre-pandemic 2019 levels for the first time.
Several of the group’s international airports exceeded those levels, including the Greek network (up 21.3%), Lima in Peru (up 8.1%) and Antalya in Turkey (up 6.8%).
By contrast, Frankfurt Airport continued to lag behind, operating at 87.8% of 2019 volumes. Fraport blamed “excessively high” government-imposed air traffic taxes, aviation security fees and air traffic control charges for limiting recovery at its German base.
Strong revenue and one-off boost
Fraport’s operating profit (EBITDA) rose 9.8% to €1.2bn, supported by higher income from airport charges, ground services and infrastructure fees at Frankfurt.
International operations also contributed, with Fraport Greece and Fraport Brasil posting notable gains thanks to stronger passenger numbers.
Results were further boosted by a one-off €50m refund from the company’s pension scheme, which reduced personnel expenses in the third quarter.
Record cash flow and stable outlook
The group’s free cash flow surged to a record €373m in the third quarter alone, reflecting the completion of major investment projects in Lima and Antalya.
Fraport now expects Frankfurt Airport to handle around 63 million passengers in 2025, slightly refining its earlier forecast.
The group said it remains on course to deliver moderate growth in operating profit for the full year, while overall earnings are expected to remain stable or slightly lower due to higher interest costs and currency effects.
Fraport operates airports in 29 countries, including key hubs in Europe, Asia and South America.
