Q3 2025 Fraport Frankfurt Airport Services Worldwide AG Earnings Call Transcript
Key Points
- Fraport AG (FPRUF) received regulatory approval for Terminal 3 in Frankfurt, marking a significant milestone for future growth.
- The company achieved an all-time high EBITDA of EUR590 million in Q3, driven by strong operational growth and a positive one-off effect.
- Free cash flow reached a record high in Q3, despite significant outflows for ongoing projects.
- Passenger growth was recorded across most traffic regions, with Frankfurt Airport achieving a year-to-date growth of 2.3%.
- Significant progress was made in climate protection, with the operational photovoltaic plant and a future wind power agreement ensuring 100% renewable electricity for Frankfurt Airport by mid-2026.
- Headline revenues remained flat compared to the previous year, despite strong growth in underlying revenues.
- Lima Airport experienced modest growth due to runway refurbishment and strikes affecting tourist inflows.
- The group result was impacted by higher interest expenses and a slightly negative result for Mantaglia.
- The two Bulgarian airports, Varna and Burgas, lagged behind 2019 levels due to missing passengers from Eastern Europe.
- The absence of a positive one-off effect from the previous year's sale of St. Petersburg and rising interest costs are expected to result in a more subdued group result.
Matthias and I are looking back at a very eventful and at the same time very successful nine-month period, one of the key highlights certainly was the regulatory approval of our major construction site, Terminal 3 in Frankfurt. I am on slide number 3. So completely approved. We are officially, at least, ready to start. It fills me and the entire Fraport team with pride that Frankfurt Airport is now ready for future growth. I will come back on the remaining steps until the opening of the terminal in a minute.
But let's focus on the other key areas of the past period first. In combination with the progress in Frankfurt, we also completed and opened the first phase of the new Lima terminal in June and added new terminal capacities in Antalya in April.
Besides the CapEx projects, we are also pleased with the last summer season. Frankfurt Airport showed a solid growth rate of around 3%. while our passengers and airline customers at the same time perceived better operational quality compared to
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