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Investing.com -- Fraport Group (ETR:FRAG) on Tuesday reported a first-quarter net loss of €26.4 million for 2025, swinging from a €12.7 million profit in the same period last year, as weaker earnings at Frankfurt Airport, increased personnel costs and the end of COVID-related compensation offset traffic gains at several international airports.
Revenue declined 2.4% year over year to €868.5 million. Adjusted for construction-related effects under IFRIC 12, Group revenue increased 6.3% to €811.3 million, supported by higher airport charges, ground services, and infrastructure fees.
Group EBITDA fell 16.5% to €177.5 million from €212.6 million a year earlier, while EBIT declined 37.2% to €52.1 million from €82.9 million.
The financial result deteriorated to -€88.0 million, driven by a sharp drop in earnings from the Antalya stake.
This was mainly due to tax-related one-time effects following changes in Turkish tax law. Earnings per share came in at -€0.18, compared to €0.18 in the first quarter of 2024.
Passenger traffic at Frankfurt Airport dipped slightly by 0.9% to 12.4 million. In contrast, international locations recorded gains; Greek regional airports saw an 8.4% increase in passenger numbers, Lima grew by 13.8%, and Fortaleza and Porto Alegre rose by 5.5%.
However, earnings from international activities declined due to one-off effects in the previous year, particularly in Lima and Antalya.
Segment performance was mixed. The Aviation and Retail & Real Estate segments reported modest year-over-year gains in revenue and EBITDA.
Ground handling and International Activities showed weaker results, while the Asset Management & Other segment posted a negative EBITDA due to higher personnel costs and the end of pandemic-related payments.
Free cash flow deteriorated, reaching a deficit of €353.3 million. This is a larger negative amount than the -€317.3 million reported in the previous year, primarily due to more spending on infrastructure.
Net financial debt rose slightly to €8.6 billion, while liquidity remained stable at around €1 billion. The equity ratio decreased to 20.3% from 21.3%.
Despite the weaker first-quarter performance, Fraport maintained its full-year guidance for 2025, citing expected traffic recovery and ongoing investments across its global airport portfolio.