Fraport delivered a milestone year in 2025, combining broad-based traffic recovery with a step-change in financial performance and the completion of several major infrastructure programmes. Across its portfolio airports, the group handled 183.7 million passengers, surpassing the 2019 level on a consolidated airport basis. Frankfurt Airport however remained below its pre-pandemic peak but continued to recover, handling 63.2 million passengers, up 2.6% from 2024 and equivalent to around 90% of 2019 traffic. International assets continued to outperform Frankfurt in recovery terms. Passenger records were achieved in Greece, Lima and Antalya, while Brazil’s yoy 43.2% growth reflected the recovery of Porto Alegre following the 2024 flood-related closure. Due to Porto Alegre´s heavy weight on the Brazil portfolio, it is still below 2019 traffic.

Financially, 2025 marked Fraport’s strongest EBITDA year to date. Revenue rose 8.2% to €4.21bn and EBITDA increased 10.4% to €1.44bn.

The most important financial development was the return to positive free cash flow for the first time since 2018. This improved by €699mn to €24mn, supported by a sharp reduction in Capex.

Fraport’s portfolio remains anchored by Frankfurt, Germany’s leading passenger airport and Europe’s leading cargo airport, but the Group’s international activities are now a central earnings contributor. The company is active at 30 airports on three continents. International Activities & Services generated €606mn of EBITDA in 2025, compared with €831mn from Frankfurt, illustrating the strategic importance of the non-German platform.

Q1 2026 confirmed the positive operating trajectory continues. Group revenue rose 5.2% and EBITDA 10.4%. Frankfurt handled 2.3% more passengers, despite Middle East disruption, weather cancellations and strike days, while international airports grew strongly, including Ljubljana at +18.2%, Porto Alegre at +26.0%, Fortaleza at +13.4%, Twin Star at +15.8% and Antalya at +5.0%.

In March 2026, a roughly 70% reduction in passengers on Middle East destinations was offset by strong growth to China, India, Thailand and Africa, allowing FRA passenger traffic to rise 2.1% year-on-year for the month still. April was weaker: Lufthansa strikes reduced traffic by about 500,000 passengers and Middle East passenger numbers remained down by around 65%.