Fraport passes pre-pandemic traffic as Frankfurt flatlines

Fraport's airports handled around 146 million passengers in the first nine months of 2026, pushing group traffic above pre-pandemic levels for the first time. Frankfurt, the group's home hub, did not contribute. Its traffic fell 0.2% to 47.5 million passengers.

Group passenger numbers rose 1.7% year-on-year, driven by operations in Greece, Peru, Slovenia, Brazil and Bulgaria. The milestone therefore says more about Fraport's geographic spread than about a German aviation recovery.

What carried the growth?

The overseas portfolio did the work. Fraport's 14 Greek airports grew 5.1% and Lima Airport in Peru added 2.8%. Both set new passenger records.

Ljubljana posted the strongest percentage gain, up 15.7%. Brazil's airports rose 9.1%. Bulgarian operations added 6.1%.

Fraport Chief Executive Stefan Schulte credited the diversification strategy. He said international operations had offset a difficult market environment, including geopolitical tensions in the Middle East and higher jet fuel prices.

"The broad portfolio of the Fraport Group has proven its value," Schulte said. "Our international business has been a particular driver."

The claim holds against the earnings split. International operations contributed 48% of nine-month EBITDA, up from 43% a year earlier. In the third quarter alone, that share reached 54%.

Frankfurt: flat traffic, better punctuality

Frankfurt's passenger count barely moved. Its operational performance improved regardless.

Punctuality rose by roughly six percentage points year-on-year to around 74% during the summer peak. Fraport said that placed the hub ahead of Amsterdam, Paris and Madrid.

Schulte blamed the stagnant traffic partly on regulatory costs and reduced flight offerings. He specifically cited the shutdown of Lufthansa CityLine, which removed feed from the hub's schedule.

What does this change for the hub's competitive position? Better on-time performance with fewer movements is a real gain for connecting traffic. But flat volumes limit revenue leverage at Fraport's largest asset, and the CityLine effect shows how airline consolidation decisions, not airport strategy, now set Frankfurt's capacity ceiling.

Record EBITDA, falling profit

Group revenue increased 3.8% to €3.47 billion in the nine months ending 30 September. Excluding revenue tied to construction and expansion at international subsidiaries, revenue rose 4.7% to €3.35 billion.

EBITDA reached a record €1.18 billion, up 2%.

Net profit told the opposite story. It fell 28.8% to €314.5 million. Fraport attributed the decline to higher interest expenses and increased depreciation and amortisation following completed expansion projects in Lima and Frankfurt.

The gap between the two lines is structural. Airports build first and earn later; Lima and Frankfurt expansion costs now sit on the balance sheet while their traffic returns have not yet arrived. Free cash flow rose 93.4% to approximately €93 million, helped by operating performance and lower capital expenditure — a sign the heaviest spending phase, at least, is easing.

Guidance unchanged

Fraport expects group passenger growth to continue. Frankfurt traffic should stay around 2025 levels — effectively a concession that the hub will not recover momentum this year.

The company reaffirmed full-year EBITDA of up to €1.5 billion, against €1.44 billion in 2025. It still forecasts net profit between €300 million and €400 million, down from €468.1 million last year.

The company held guidance despite a 28.8% profit drop, which suggests management sees the interest and depreciation drag as absorbed rather than escalating. The fourth quarter will test whether Frankfurt's improved punctuality and record overseas traffic can lift EBITDA to the €1.5 billion ceiling or leave it nearer last year's mark.