Fraport’s first-half net profit fell 47.7% to €51.6 million even as revenue rose in the six months to the end of June, after higher depreciation and interest costs linked to new terminal infrastructure weighed on earnings. The German airport operator also lifted EBITDA, but the market focused on weaker free cash flow and the impact of a one-off gain in the comparison period.
Revenue increased to about €2.07 billion, or roughly €2.13 billion on an adjusted basis, while EBITDA rose to about €582 million. The profit decline was driven mainly by higher finance costs after construction spending on Frankfurt Terminal 3 and terminal expansion work in Lima moved into operation, reducing the amount of interest that could be capitalised.
International airports helped cushion softer performance in Frankfurt, where traffic was affected by strikes and Middle East tensions. Stronger results in Greece, Lima, Fortaleza and Porto Alegre supported the group, and Reuters reported that second-quarter earnings came in above expectations despite the weaker cash-flow trend.