Fraport AG

No quarterly revenue, EPS, gross margin, or consolidated YoY financial figures were reported in this Q&A-only transcript. Management said Lufthansa strike disruption led them to the lower end of the passenger guidance range. They still expect full-year offered seats to increase, but by less than originally planned, and they reduced Frankfurt passenger expectations accordingly. In ground handling, management said Q1 numbers were clearly better than the prior year, guidance had been flat, but there is a chance the segment ends the year above last year. For Lima, management said CapEx is complete and the 2026 financial outcome should be a clear and significant improvement versus last year’s EBITDA, though passenger growth is currently below expectations. For debt, management said group average cost of debt is 3.4% and expects total cost of indebtedness to rise slightly over the next 18 months, ending in the 3.x% range closer to 4% but not above 4%.

Florian Fuchs mainly framed the session as a Q&A follow-up and handed the discussion to CFO Matthias Zieschang. The tone across the call was defensive but confident: management acknowledged several external risks, but repeatedly emphasized that the company is adapting its plans and still sees the year as manageable. The clearest strategic message was that capacity, staffing, and segment expectations are being reset to reflect lower airline growth assumptions and a more uncertain operating backdrop.

Zieschang focused on operational and balance-sheet details. He said ground handling had benefited from higher market share, productivity gains, and the end of double-digit wage growth, and added that the company stopped recruiting in that segment after cutting its growth assumptions. On financing, he said the group’s average cost of debt is 3.4%, that only part of the roughly EUR 1 billion refinancing need will be refinanced because liquidity will be drawn down, and that the next 18 months could see costs rise slightly to the 3.x% range, closer to 4% but not above it. He also stressed that Lufthansa ground handling must become fully cost-covering from April 1 next year or there will be no contract.

Analysts focused on jet fuel availability, Lufthansa strike impact, the Lufthansa ground handling contract, Terminal 3 retail, passenger load factors, refinancing costs, and the new European Entry System. Management’s answers were consistently cautious on fuel and traffic, but firm on pricing and contracts: they said they assume fuel is available, expect Lufthansa-related disruption to land at the low end of guidance, and will not continue subsidizing Lufthansa in ground handling. On the EES border system, management said it is causing delays and is a Europe-wide problem, not a Frankfurt-specific issue. On T3, retailers’ early feedback was positive, but management said it is too early for meaningful quantification.