Fraport
Frankfurt is the core hub, while international concessions diversify traffic and cash generation. Construction accounting can inflate reported revenue, so adjusted revenue is useful alongside EBITDA.
Business at a glance
Frankfurt is the core hub, while international concessions diversify traffic and cash generation. Construction accounting can inflate reported revenue, so adjusted revenue is useful alongside EBITDA.
Operating footprint: Frankfurt, Lima, Greek regional airports and wider concessions
Managed airports and airport interests
Fraport operates Frankfurt and holds operating-company or concession interests in airports across Europe and Latin America. Its US business manages airport commercial programmes, which have a different scope from airport operations.
Airport codes are IATA unless marked ICAO. Expand a portfolio below to see the airports and the group’s role.
International operating airportsSubsidiaries and shared concessions
- Ljubljana, Slovenia (LJU)
- Fortaleza, Brazil (FOR)
- Porto Alegre, Brazil (POA)
- Lima, Peru (LIM)
- Antalya, Türkiye (AYT)
- Burgas, Bulgaria (BOJ)
- Varna, Bulgaria (VAR)
Antalya is a shared concession with TAV / Groupe ADP.
Greece · 14 regional airportsRegional-airport concession operator
- Kavala (KVA)
- Thessaloniki (SKG)
- Corfu (CFU)
- Mytilene (MJT)
- Skiathos (JSI)
- Aktion (PVK)
- Kefalonia (EFL)
- Zakynthos (ZTH)
- Samos (SMI)
- Mykonos (JMK)
- Kos (KGS)
- Santorini (JTR)
- Rhodes (RHO)
- Chania (CHQ)
Greece · KalamataNew consortium concession
- Kalamata (KLX)
The concession agreement was signed in June 2026. The 2025 airport figure predates the new concession and is outside Fraport’s 2025 operating-network total.
United States · commercial programmesRetail / food and beverage concession management
- Baltimore/Washington (BWI)
- Cleveland (CLE)
- New York JFK Terminal 5 (JFK)
- Nashville (BNA)
- Newark Terminal B (EWR)
- Washington Dulles (IAD)
- Washington Reagan National (DCA)
These contracts cover airport commercial programmes or named terminals; Fraport USA is not the airport-wide operator.
Individual airport information
| Airport / code | Country | Reporting period | Passengers | Airport detail |
|---|---|---|---|---|
| Frankfurt · FRA | Germany | Calendar 2025 | 63.2m | +2.6% · 460,272 movements · 2.1m tonnes cargo |
| Ljubljana · LJU | Slovenia | Calendar 2025 | 1.6m | +10.6% |
| Lima · LIM | Peru | Calendar 2025 | 25.5m | +4.1% |
| Antalya · AYT | Türkiye | Calendar 2025 | 39.0m | +2.3% · Fraport reporting scope |
| Thessaloniki · SKG | Greece | Calendar 2025 | 7,982,798 | +8.2% |
| Kalamata · KLX | Greece | Calendar 2025 | 368,515 | +8.7% · before the new Fraport consortium concession |
Fraport’s release combines Fortaleza and Porto Alegre (13.7m passengers), Burgas and Varna (3.7m), and the 14 Greek airports (37.1m). Those combined totals are not displayed as individual-airport values. Antalya figures differ from ADP/TAV’s definition.
Portfolio research checked 30 September 2026. An unavailable airport metric is left unreported; group financials are not allocated by passenger share.
Key operating and financial figures
Source: Fraport H1 2026 results. Currency and non-GAAP definitions follow the operator’s release.
Performance over time
Calendar years · year ended 31 December
Passenger traffic covers Frankfurt Airport. Financial figures cover the Fraport group and its international airport portfolio.
Frankfurt passengers
Revenue excluding IFRIC 12
EBITDA
Free cash flow
Charts use annual results. Gaps indicate unavailable values; the table shows the annual series.
Full-year history
Read across the years to compare traffic, income and the economics of the airport business. Scroll horizontally on smaller screens.
| Indicator / unit | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Frankfurt passengersmillion · Traffic | 24.8 | 48.9 | 59.4 | 61.6 | 63.2 |
| Traffic growth, calculated% · Traffic | — | 97.2 | 21.5 | 3.7 | 2.6 |
| Reported group revenue€m · Financial | 2,143.3 | 3,194.4 | 4,000.5 | 4,427.0 | 4,432.2 |
| Revenue excluding IFRIC 12€m · Financial | 1,901.6 | 2,863.3 | 3,485.1 | 3,892.1 | 4,210.5 |
| EBITDA€m · Financial | 757.0 | 1,029.8 | 1,204.0 | 1,301.8 | 1,436.9 |
| Group result€m · Financial | 91.8 | 166.6 | 430.5 | 501.9 | 468.1 |
| Free cash flow€m · Capital | -772.3 | -741.0 | -656.4 | -674.7 | 24.4 |
| Net financial debt€m · Capital | 6,369.7 | 7,058.7 | 7,712.6 | 8,388.5 | 8,190.5 |
| Net debt / EBITDA× · Capital | 8.4 | 6.9 | 6.4 | 6.4 | 5.7 |
Traffic growth is calculated from consecutive years in the traffic series above and may differ slightly from growth rates published using unrounded or adjusted figures. The first year has no preceding year in this table.
What the numbers say
Frankfurt traffic recovered steadily, while the international portfolio supported group earnings. Revenue excluding concession construction accounting rose again in 2025 even though reported revenue was nearly flat.
Free cash flow turned positive in 2025 after four years of substantial outflows. Net debt remained above its 2021 level, making investment funding a central part of the business story.
Historical sources and comparability
- IFRIC 12 concession construction revenue is separated from airport operating revenue. Frankfurt passengers cannot be used as the denominator for group revenue per passenger.
- Pandemic compensation influenced 2021 earnings. Free cash flow and net debt follow Fraport’s published definitions; they are not estimates of individual airport cash flow.
- Annual history is separate from the latest interim or rolling-period snapshot. Operator definitions and reporting perimeters differ, so these profiles are not a like-for-like league table.
What drives the airport business
Separate Frankfurt traffic from the broader managed portfolio.
Watch ramp-up costs and returns on the Frankfurt and Lima terminal programmes.
Use revenue excluding IFRIC 12 when assessing operating growth.
Source and method
This profile uses the operator’s own published figures. Group metrics are not assigned to an individual airport. Passenger volume is an activity measure, not revenue; construction-accounting and adjusted-profit labels follow the source. Where a comparable financial measure is not publicly available, it is not estimated.
Read the official Fraport H1 2026 results ↗