Fraport returns to positive free cash flow in FY2025
Fraport posts $28.1mn free cash flow in 2025, with revenue and EBITDA rising on strong traffic growth
The Fraport Group reported a return to positive free cash flow in the 2025 fiscal year, supported by strong operating performance and the completion of major investment projects, while revenue and EBITDA also recorded significant growth.
For the year ending December 31, 2025, the Group’s revenue, adjusted for IFRIC 12, rose by 8.2 percent to €4.2 billion ($4.83 billion), driven by growth across all four business segments. EBITDA increased by 10.4 percent to €1.44 billion ($1.66 billion). Free cash flow improved sharply by around €700 million ($805.6 million) to €24.4 million ($28.1 million), returning to positive territory for the first time since 2018.
Fraport CEO Stefan Schulte said the Group’s broad diversification supported its strong performance, highlighting that the return to positive free cash flow marks a major financial turnaround. He added that the completion of major investment projects will further strengthen cash flow, providing more flexibility to reduce debt and support dividend payments.
Total revenue growth was supported by increased passenger numbers across the Group, along with price effects and higher demand for ground handling services. Despite the strong operating performance, net profit declined by 6.7 percent to €468.1 million ($538.7 million), mainly due to higher depreciation, amortisation and interest expenses linked to the terminal opening in Lima, as well as a one-time gain recorded in 2024 from the Russia divestiture of €45 million ($51.8 million).
The Group’s financial position also improved, with the ratio of net financial liabilities to EBITDA declining from 6.4 in 2024 to 5.7, supported by the gradual completion of capacity expansion projects in Lima, Antalya and Frankfurt.
Cargo volumes at Frankfurt Airport increased by 1.1 percent year-on-year to around 2.1 million metric tonnes, allowing the airport to remain Europe’s largest cargo hub and outperform other major airports on the continent.
Looking ahead, Fraport is preparing to open the new Terminal 3 at Frankfurt Airport on April 23, 2026. The terminal, built over ten years with an investment of around €4 billion ($4.60 billion), will add capacity for approximately 19 million passengers annually and is expected to enhance passenger processes through advanced technology.
The Group also plans to begin sourcing renewable energy from an offshore wind farm in the North Sea from July, which will enable 100 percent of electricity consumption at Frankfurt Airport to come from green sources for the first time. This forms part of Fraport’s goal to achieve net zero emissions under Scope 1 and Scope 2 at its wholly owned airports by 2045.
For 2026, Fraport expects total Group passenger traffic to reach between 188 million and 195 million, with Frankfurt forecast to handle around 65 million to 66 million passengers. EBITDA is projected to increase to around €1.5 billion ($1.73 billion), while net profit is expected to decline to between €300 million and €400 million ($345.2 million to $460.3 million) due to higher depreciation and interest costs. The company is maintaining its proposed dividend of €1.00 ($1.15) per share for the year.
