revenue
—
FY 2026
official guidance
FRAPORT AG
Last · —€59.55+1.10 (+1.88%)live · yahoo · 0s ago
Market cap€5.5B92.5M sh
P/E · TTM14.6fwd — · eps 4.08
Beta—vs S&P 500
Div yield1.69%annual · TTM
52w range
€57.30€84.37
Volume19.3Ksession
| Revenue | €2.1B |
|---|---|
| Operating income | €263.5M |
| Operating margin | 12.7% |
| Period | 2026 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong international and Terminal 3 offsets are promising, but traffic, cash flow and leverage remain unresolved.
Hold: Fraport’s Q2 was operationally resilient, with underlying revenue up 4% to €1.13bn and EBITDA slightly above prior year at €386m, but the Frankfurt traffic outlook was cut to roughly 2025 levels and Q2 free cash flow turned negative at €59m. International growth and a 30% June retail-revenue uplift at Terminal 3 support EBITDA growth, yet higher depreciation, €8.7bn net debt and a guided €300–400m group result keep the risk/reward from being a clean buy.
Themes
- Frankfurt Traffic
- Terminal 3
- International Airports
- Retail Uplift
- Free Cash Flow
- Deleveraging
Near term
Frankfurt passenger traffic is now expected to be broadly flat versus 2025 after strikes, Middle East disruption and Lufthansa capacity adjustments; July improved 1.4% year over year.
Terminal 3 retail performance through the peak summer and Christmas seasons is the key near-term upside test; June non-Schengen retail revenue was up 30% despite weaker Middle East traffic and EES-related delays.
Antalya traffic fell 8% in Q2 and 6% in H1, while slower Lima momentum reflects airline capacity reductions linked to high fuel prices.
Working-capital pressure of €66m is expected to reverse in subsequent quarters, making Q3/Q4 cash conversion important.
The €92m May dividend payout and negative Q2 free cash flow pushed net financial debt to just under €8.7bn.
Longer term
International activities are becoming the main earnings engine: Q2 segment EBITDA rose €30m to €181m, and full-year segment EBITDA guidance was raised to mid- to high-single-digit growth.
Terminal 3 should improve retail and commercial monetization, but the higher depreciation burden from Frankfurt and Lima is driving a substantial decline in reported EBIT and group result.
Management plans to use roughly €300–400m annually for debt repayment, targeting medium-term liquidity of about €2bn plus unused credit lines while reducing gross debt.
Leverage remains elevated at 6.0x net debt/LTM EBITDA versus the stated goal of improving on 5.7x at year-end 2025; refinancing has already lifted average debt cost to 3.5% from 3.3%.
The portfolio’s diversification across Greece, Brazil, Lima and other international airports is cushioning Frankfurt weakness, but exposure to geopolitical events and airline capacity decisions remains material.
Red flags
The Frankfurt traffic downgrade undermines the higher-margin home-airport earnings base, while personnel costs rose about 11% in Aviation and Ground Handling remains only marginally profitable.
Q2 group result fell 32% to €85m and EBIT fell 19% to €207m as Terminal 3 and Lima depreciation ramped up; the €300–400m full-year group-result outlook implies continued accounting pressure.
Management characterized the €66m working-capital outflow as temporary, but the timing and extent of reversal were not quantified.
Antalya weakness and Lima’s slower traffic momentum show that international diversification does not eliminate geopolitical, fuel-price or airline-capacity risks.
No analyst Q&A was provided in the transcript, so competitive pressure, customer concentration and pushback on the debt-repayment plan remain untested.
Forward outlook
ebitda
—
FY 2026
official guidance
revenue
—
FY 2026
official guidance
eps diluted
300–400 $million
FY 2026
official guidance
ebitda
—
FY 2026
official guidance
ebitda
—
FY 2026
official guidance
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
4:30 PM UTC+1
Period
Sep 2026
Est. EPS
$2.40
Est. revenue
1.4B
Earnings transcripts
- Issuer IR
Annual Meeting Transcript
BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.
- Issuer IR
Annual Meeting Transcript
BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.
- Issuer IR
Annual Meeting Transcript
BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.
- Issuer IR
Annual Meeting Transcript
BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.
- Issuer IR
Annual Meeting of Shareholders Transcript
BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.
- Issuer webcast
Q3 2023 earnings call transcript
BLACKROCK FLOATING RATE INCOME STRATEGIES FUND, INC.
Press & signals
- Satelight
Two German airport workers die of malaria after 'mosquito arrives on plane'
Documents
FormReporting forFiledFlags