Q4 2025 Fraport Frankfurt Airport Services Worldwide AG Earnings Call

March 17, 2026

Speaker #1: Yes. welcome, ladies and gentlemen, to our full-year 2025 results day. All the material got released this morning at 7:00 AM CET, including for the management speech.

Florian: Yes. Welcome ladies and gentlemen to our full year 2025 results day. All the material got released this morning at 7:00 AM CET, including for the management speech. Right now it's time for the management Q&A session. With me at the table, we got Dr. Stefan Schulte, our CEO, and Dr. Matthias Zieschang, our CFO. Today marks a very special event as we invited all the sell-side to come to Frankfurt to see our brand new Terminal 3 building. Correspondingly, the Q&A session will be held as a hybrid one. We got questions inside the audience and questions coming from the analysts who join us remotely.

Florian Fuchs: Yes. Welcome ladies and gentlemen to our full year 2025 results day. All the material got released this morning at 7:00 AM CET, including for the management speech. Right now it's time for the management Q&A session. With me at the table, we got Dr. Stefan Schulte, our CEO, and Dr. Matthias Zieschang, our CFO. Today marks a very special event as we invited all the sell-side to come to Frankfurt to see our brand new Terminal 3 building. Correspondingly, the Q&A session will be held as a hybrid one. We got questions inside the audience and questions coming from the analysts who join us remotely.

Speaker #1: And right now it's time for the management Q&A session. With me in the table, we got Dr. Stephan Schulte, our CEO, and Dr. Matthias Zieschang, our CFO.

Speaker #1: Today marks a very special event as we invited all the sales side to come to Frankfurt to see our brand new Terminal 3 building.

Speaker #1: Correspondingly, the Q&A session will be held as a hybrid one, so we got questions inside the audience and questions, coming from the analysts who join us remotely.

Speaker #1: If you want to raise a question remotely, please use the raise your hand, sign in the Teams link that we sent to you, and we're gonna tell your name and then you will be unmuted from our side so that you can raise a question.

Florian: If you want to raise a question remotely, please use the raise your hand sign in the Teams link that we sent to you, and we're gonna tell your name, and then you will be unmuted from our side so that you can raise a question. However, we wanna be polite, we wanna start with the questions here in the audience and, we wanna process as following that, you kindly limit your questions to the number of 2, given so many of you are here on site, we'd appreciate everyone to have the opportunity to raise some question. Having said this, yeah, without further ado, we'd like to open up the Q&A session right now. Do we have a mic coming to you? Yes, maybe ladies first today, polite.

Florian Fuchs: If you want to raise a question remotely, please use the raise your hand sign in the Teams link that we sent to you, and we're gonna tell your name, and then you will be unmuted from our side so that you can raise a question. However, we wanna be polite, we wanna start with the questions here in the audience and, we wanna process as following that, you kindly limit your questions to the number of 2, given so many of you are here on site, we'd appreciate everyone to have the opportunity to raise some question. Having said this, yeah, without further ado, we'd like to open up the Q&A session right now. Do we have a mic coming to you? Yes, maybe ladies first today, polite.

Speaker #1: However, we wanna be polite. We wanna start with a question here in the audience, and, we wanna process as following, that, you kindly limit your questions to the number of two, given so many of you are here on site.

Speaker #1: We'd appreciate everyone to have the opportunity to raise some question. Having said this, and yeah, without further ado, we'd like to open up the Q&A session right now.

Speaker #1: Do we have a, mic, coming to you? And yes, maybe, ladies, first, today, polite Elodie. If you can say your name and the company you're working with, that will be good for the transcript.

Speaker #2: Thank you very much, Florian. Thank you, and, so I'm Elodie Rall from JP Morgan. so my first question will be, potentially on dividends since you've made this announcement, on Friday.

Florian: Elodie, if you can say your name and the company you're working with, that will be good for the transcript.

Florian Fuchs: Elodie, if you can say your name and the company you're working with, that will be good for the transcript.

Elodie Rall: Thank you very much, Florian. Thank you. I'm Élodie Rault from JPMorgan. My first question will be potentially on dividends since you've made this announcement on Friday. We understand it's EUR 1 up until you are below 5x net debt to EBITDA. First of all, when do you think that you'll reach that level? What is your internal base case? If it's around 5x, does that mean that we are switching back to that payout? Or does it need to be meaningfully below 5x? Second, if there is an extraordinary impact on net income going forward after you switch to this payout policy, is there the minimum dividend payment that you would guarantee shareholders? That's my first question.

Speaker #2: so we understand it's, one euro up until you are below five times in a debt to EBITDA. first of all, when do you think that you'll reach that level?

Speaker #2: What is your internal base case? and if it's around five times, does that mean that we are switching back to that payout? or does it need to be meaningfully below five times?

Speaker #2: And, second, if there is an extraordinary impact on net income going forward after you switch to this payout, policy, is there the minimum dividend payment, that you would guarantee shareholders?

Speaker #2: so that's my first question. And maybe one question on traffic, given the current events. So you've been reassuring on your presentation. nevertheless, the, the guidance, I think, implies, 3.7%, 3.7%, yeah, the mean point.

Elodie Rall: Maybe one question on traffic, given the current events that you've been reassuring on your presentation. Nevertheless, the guidance I think implies 3.7% year-on-year at the midpoint. It's a bit lower than what I think you were thinking about, maybe in January when we discussed it. Did you already put some caution in there from the Middle East impact from what you've seen already, at least year to date or in March? Thank you.

Speaker #2: It's a bit lower than what I think you were thinking about, maybe in January when, when we discussed. So did you already put some caution in there from the Middle East impact, from what you've seen already, at least year to date?

Speaker #2: Well, in March. Thank you.

Speaker #3: Elodie, thanks very much for your questions. on dividends, yes, we gave the guidance to the market on Friday. Absolutely right. From our base case, we expect to be, under the threshold on five times.

Stefan Schulte: Élodie, thanks very much for your questions. On dividends, yes, we gave the guidance to the market on Friday. Absolutely right. From our base case, we expect to be under the threshold on 5 times net debt to EBITDA in the year 2027. That's our best estimate from today's point of view. That would mean that for 2028, the new guideline on 60% to 80% would be first time applicable. A worst case regarding a minimum dividend has not been discussed. We are not on worst case, and I don't hope that a worst case will happen ever. You mean worst case if EPS is coming too much down? No. In principle, there are two factors for us relevant. One is, how do we see the business going forward?

Speaker #3: net debt to EBITDA in the year 2027. That's our best estimate from today's point of view. That would mean that for 2028, the new, guideline on 60 to 80 percent would be first time.

Speaker #3: applicable. a worst case regarding a minimum dividend has not been discussed. We are not on worst case. And I don't hope that a worst case will happen ever.

Speaker #3: You mean worst case if EPS is coming too much down? No. in principle, there are two factors for us, relevant. The one is how do we see the business going forward?

Speaker #3: Second, what's the net, free cash flow positive and how is that development? And that's this will be the two drivers on, on the dividend policy.

Stefan Schulte: Second, what's the net free cash flow positive and how is that development? That's this will be the two drivers on the dividend policy. On traffic, the traffic was done in connection with the annual results, setting up annual results, and so on, with the whole process. It was before the war. It's not influenced by the war. If it's 65 to 66 million passengers here in Frankfurt, that's the best guidance we have at the moment. There are no war effects included, but I mentioned already this morning, up to now, we see a net effect of -1% because Middle East carriers have, that's right, they have up to 5% of our traffic, but 73, 75% are transfer passengers.

Speaker #3: On traffic, the traffic was done in connection with the, annual results. setting up annual results, and so on, with the whole process. It was before the war.

Speaker #3: It's not influenced by the war. And if it's, 65 to 66 million passengers here in Frankfurt, that's the best guidance we have. At the moment, there are no war-affects included, but I mentioned already this morning.

Speaker #3: Up to now, we see a net effect of minus 1% because, Middle East carriers have, that's why they have, up to 5% of our traffic.

Speaker #3: But 73, 75 percent are transfer passengers. And we see more and more that those transfer passengers are taking other routes. Or more direct traffic.

Speaker #3: airlines coming in with additional frequencies. We also see that Emirates and others are also taking up their flights again. so at the moment, the net effect is these days by minus 1%.

Stefan Schulte: We see more and more that those transfer passengers are taking other routes or more direct traffic. Airlines coming in with additional frequencies. We also see that Emirates and others are also taking up their flights again. At the moment, the net effect is it stays by -1%. Minus one percent is not really affecting our guidance. But there's a big but, it depends very much what's going on forward. How long is the war going on? What does that mean for kerosene prices, for oil prices, for inflation, and at the end for the hunger, for the appetite to fly and to book flights for summer and so on. It's mainly leisure traffic.

Speaker #3: So minus 1% is not really affecting our guidance. But there's a big but. It depends very much what's going on forward, how long is, the war going on, what's, does that mean for kerosene prices, for oil prices, for inflation, and at the end, for the hunger, for the appetite, to fly and to book, flights, for summer and so on.

Speaker #3: It's mainly leisure traffic. It could be that the one or the other is, booking other destinations, more staying in Europe or Western countries or USA, Canada, whatever.

Speaker #3: That's too early at the moment. So we stay with our guidance. Everything else we would see yes, we marked there's a war out. It could have effects.

Stefan Schulte: It could be that the one or the other is booking other destinations, more staying in Europe or Western countries or USA, Canada, whatever. That's too early at the moment. We stay with our guidance. Everything else we will see. Yes, we remarked there's a war out. It could have effects, but we are not reducing our guidance or not taking the guidance away.

Speaker #3: But we are not reducing our guidance or not taking the guidance away.

Speaker #1: Okay. Yeah. Thank you. Maybe Carlos here in front.

Speaker #4: Hi. Carlos Caburrasi from, from Kepler. two questions. follow-up on the dividend. I just wanted to see, if maybe once, you know, you are below the five times net debt to EBITDA, if that payout, you think, could be above 60% during the rest of the decade or maybe it's gonna be at the low end.

Florian: Okay. Yeah. Thank you. Maybe Carlos here in front.

Florian Fuchs: Okay. Yeah. Thank you. Maybe Carlos here in front.

Carlos Caburrasi: Hi. Carlos Caburrasi from Kepler. Two questions. Follow up on the dividend. I just wanted to see if maybe once, you know, you are below the 5x net debt to EBITDA, if that payout you think could be above 60% during the rest of the decade or maybe it's gonna be at the low end? Second question, I was wondering if you could update us on the passenger handling contract. Also sticking to ground handling, if maybe you could provide some visibility on EBITDA margin by the end of the decade. Thank you.

Speaker #4: And second question, I was wondering if you could update us on the passenger handling contract. and also, sticking to ground handling, if maybe you could provide some visibility on EBITDA margin by the end of the decade.

Speaker #4: Thank you.

Speaker #3: I'm already glad to be quite honest that we had the discussion also with those, our supervisory board and that there was a very, very clear support on the 60 to 80 percent.

Speaker #3: And we haven't discussed that there would be too early. Is it 60 or is it 80? The proposal will be done by the management.

Stefan Schulte: I'm really glad, to be quite honest, that we had the discussion also with those, our supervisory board, and that there was a very, very clear support on the 60% to 80%. We haven't discussed that that would be too early. Is it 60 or is it 80? The proposal will be done by the management, and that depends very much how the further development is and how much ES is able to get up the free cash flow to EUR 1 billion, and so on and so on. I'm optimistic it will be somewhere in the range. Otherwise, we would have given the guidance it's 60%. No, we gave the guidance 60% to 80%, so that's almost, that's the option we have. It will go from 60 to 80, whatever.

Speaker #3: And that depends very much how the further development is and how much years is able to get up the free cash flow to 1 billion and so on and so on.

Speaker #3: So I'm optimistic it will be somewhere in the range. Otherwise, you would have given the guidance, it's 60%. No, we gave the guidance 60 to 80 percent.

Speaker #3: So that's almost, that's, the, the option we have. And it will go from 60 to 80, whatever. It depends a little bit how free cash flow then is.

Speaker #3: On ground handling, we reached an agreement with Lufthansa Cargo. We are quite fine with that agreement. to put a neutral wording on that. and we are in the discussion, in the negotiations with Lufthansa on the passenger, passenger, passenger con passenger handling contract.

Stefan Schulte: It depends a little bit how free cash flow then is. On the ground handling, we reached an agreement with Lufthansa Cargo. We are quite fine with that agreement, to put a neutral wording on that. We are in the discussion, in the negotiations with Lufthansa on the passenger handling contract. I think we gave you already the clear guidance. We have to make money out of that, otherwise we will reduce. That's our clear guidance we can give you today on that side. What could it mean if we would lose some volume? Could be, because for us it's more important on that way than we would have won some one-off payments, because then we would have to reduce maybe on the one or the other sides, the staff numbers.

Speaker #3: And I think we gave you already the clear guidance. we have to make money out of that. Otherwise, we will reduce. And that's our clear guidance we can give you today on that side.

Speaker #3: What could it mean if we would lose some, some volume could be because, for us, it's more important on that way than, we would have on some one-off, payments, because then we would have to reduce maybe on the one or the other side, the staff numbers.

Speaker #3: But that's, the better thing. but going forward, we would have a clear contract which is making money. in ground handling in general, we have a market share of more than 90% now.

Stefan Schulte: That's the better thing. Going forward, we would have a clear contract which is making money. In ground handling in general, we have a market share of more than 90% now. Clearly above. That was not our target, but it's a problem with our second off operator over here. We got with a very favorable pricing contracts we didn't want to get. Pricing is fine. Over time, the market share will come down somewhere because it's not our target to stay on what we have now, 95, 93%, something like this. That's clearly too high, but it was the market.

Speaker #3: Clearly above. That was not our target, but it's a problem with our second of, operator over here. so we got with a very favorable pricing contracts.

Speaker #3: We didn't want to get, pricing is fine. over the time, the market share will come down somewhere because it's not our target to stay on what we have now, 95, 93 percent, something like this.

Speaker #3: That's clearly too high. But it was the market.

Speaker #1: Okay. Very good. Maybe, Christian and then Andrew.

Speaker #2: Thank you very much, Christian Nedelcu from UBS. could I ask you on the free cash flow bridge from 2025 to '26, the CapEx reduction and the EBITDA growth are, are clear drivers, clear positive drivers.

Florian: Okay. Very good. Maybe, Cristian and then Andrew.

Florian Fuchs: Okay. Very good. Maybe, Cristian and then Andrew.

Cristian Nedelcu: Thank you very much. Cristian Nedelcu from UBS. Could I ask you on the free cash flow bridge from 2025 to 2026? The CapEx reduction and the EBITDA growth are clear drivers, clear positive drivers, but I think there are also some headwinds. Working capital I think was a EUR 95 million cash in in 2025. That will not repeat. I think the cash and tax outflows were around EUR 340 million in 2025. You're guiding for EUR 400 million. I'm just trying conceptually, when you put all these things together, what's a realistic free cash flow range? Is it EUR 100 to 200 million, or clearly it's gonna be at EUR 200 or above EUR 200 million? Any more color there?

Speaker #2: But I think there are also some capital, I think, was a 95 million cash in in 2025 that will not repeat. I think the cash and tax outflows were around 340 million in 2025.

Speaker #2: You're guiding for 400 million. So I'm just trying conceptually when we put all these things together, what, what's a realistic free cash flow range?

Speaker #2: Is it 1 to 200 million or clearly it's gonna be at 200 or above 200 million? Any, any more color there? And the second one, in Greece, you have the dividends that are paid to minorities.

Speaker #2: And I believe the last couple of years, there's been the shareholder lo shareholder loan being paid back. we have a net debt to EBITDA in Greece of around two-thirds, so relatively low leverage.

Cristian Nedelcu: The second one, in Greece you have the dividends that are paid to minorities, and I believe the last couple of years there's been the shareholder loan being paid back. We have a net debt to EBITDA in Greece of around two turns, so relatively low leverage. Are you seeing any pressure from the minority shareholders to increase the leverage or pay larger dividends in 2027, 2028? Or you believe this run rate of EUR 30, 35 million you're paying is sustainable going forward? Thank you.

Speaker #2: Are you seeing any pressure from the minority shareholders to increase the leverage or pay larger dividends in 2027, '28? Or you believe this run rate of 30, 35 million you're paying is sustainable going forward?

Speaker #2: Thank you.

Speaker #3: Wonderful.

Speaker #4: First question, regarding free cash flow. So it's relatively simple. You have to look on to look on the parameters on one side. As a cash in, you have the, the EBITDA where we, are looking for a number close to 1.5 billion.

Stefan Schulte: First question, regarding free cash flows, it's relatively simple. You have to look on the parameters on one side. As a cash in, you have the EBITDA, where we are looking for a number close to EUR 1.5 billion as a proxy for the operational cash flow on one side. On the other side, we have our clear CapEx guidance for 2026, EUR 900 million. Then we have, as always, a box of EUR 400 million consisting out of taxes on one side and cash out for interest expenses on the other side. This is a stable number also looking forward, about EUR 400 million. Then we have non-cash items in the EBITDA.

Matthias Zieschang: First question, regarding free cash flows, it's relatively simple. You have to look on the parameters on one side. As a cash in, you have the EBITDA, where we are looking for a number close to EUR 1.5 billion as a proxy for the operational cash flow on one side. On the other side, we have our clear CapEx guidance for 2026, EUR 900 million. Then we have, as always, a box of EUR 400 million consisting out of taxes on one side and cash out for interest expenses on the other side. This is a stable number also looking forward, about EUR 400 million. Then we have non-cash items in the EBITDA.

Speaker #4: As a proxy for the operational cash flow on one side. On the other side, we have our clear CapEx x guidance for 2026, 900 million.

Speaker #4: And then we have as always, a box of 400 million consisting out of taxes on one side and cash out for interest expenses on the other side.

Speaker #4: So this is a stable number also looking forward, about 400 million. And then we have non-cash items in the EBITDA. Which we have to adjust.

Speaker #4: And on the other side, we have dividends from minorities, primarily Antalya on the other side. So with other words, and then of course, we have all these elements we can control relatively precisely.

Matthias Zieschang: Which we have to adjust. On the other side, we have dividends from minorities, primarily Antalya on the other side. In other words. Then, of course, we have all these elements we can control relatively precisely. The only thing which is always a little bit white noise or random walk, this is working capital. If and when you look in the past how the fluctuation has been, sometimes a little bit positive, sometimes negative. We assume for 2026 this as a neutral position. In other words, if you are doing the math, it should be an outcome of EUR 200 million, perhaps even a little bit more. This is our ambition and the direction in which we are going to run.

Speaker #4: The only thing which is always a little bit white noise or random walk, this is, is working capital. But if and when you look, in the past how the fluctuation has been sometimes a little bit positive, sometimes negative.

Speaker #4: So we assume for '26 this as a neutral position. So with other words, if you are doing the math, it should be an outcome of 200 million perhaps even a little bit more.

Speaker #4: This is our ambition and the direction in which we are going to, to run.

Speaker #3: On the minorities, then maybe you can, give more clearance on that. I can yet just tell you on Greece, there's no pressure these days.

Speaker #3: for us, it's, focused to have a good operation, of course, and, and growth in the business. We have a clear look on extension programs, CapEx.

Stefan Schulte: On the minorities, maybe you can give more clarity on that. I can, yeah, just tell you on Greece, there's no pressure these days for us, it's focused. We have a good operation, of course, and growth in the business. We have a clear look on extension programs, CapEx, no question at all, and a focus on dividends. We will not refinance these days at least. What, some five years? I don't know, but at the moment not.

Speaker #3: no question at all. and, a focus on dividends. And, we will not refinance these days, at least what, five years? I don't know. But at the moment, not.

Speaker #1: Okay. Thank you then. I think Andrew, you're still in the line?

Speaker #2: Good.

Speaker #5: Yep. So, hey, it's Andrew Lopenberg from Barclays. can I ask a question about the, discussions in the press from Lufthansa? about their desire to have a joint venture here for, for Terminal 1 and Terminal 2.

Matthias Zieschang: Okay, thank you. I think, Andrew, you're still in the line?

Florian Fuchs: Okay, thank you. I think, Andrew, you're still in the line?

Andrew Lobbenberg: Yep, sure. Hey, it's Andrew Lobbenberg from Barclays. Can I ask a question about the discussions in the press from Lufthansa about their desire to have a joint venture here for terminal 1 and terminal 2, and how they are pitching this as a driver for their decision whether to dedicate their future growth to Frankfurt or to Munich. How do you think about the attractions of a joint venture, the pros and cons, and, you know, how much do you care about securing their midterm growth? My second question would take us over to Lima, where I know, you know, there have been interruptions with runway resurfacing and stuff like that, but the growth has been, you know, somewhat quiet so far. Also the airlines remain very unhappy about the international connecting fee.

Speaker #5: And how they are pitching this as a driver for their decision, whether to, dedicate their future growth to, Frankfurt or to Munich. how do you think about the attractions of a joint venture, the pros and cons?

Speaker #5: And, you know, how much do you care about securing their, their mid-term growth? my second question would, would take us over to Lima. where I know, you know, there's been interruptions with, with runway resurfacing and stuff like that.

Speaker #5: But the growth has been, you know, somewhat quiet so far. And also, the airlines remain at very unhappy about the international, connecting fee. and the implementation of that looks very difficult, messy.

Speaker #5: how do you think, traffic can develop from here? And how do you think you can move to a more normal relationship with airlines and a more normal transfer process for consumers?

Andrew Lobbenberg: The implementation of that looks very difficult, messy. How do you think traffic can develop from here? How do you think you can move to a more normal relationship with airlines and a more normal transfer process for consumers?

Speaker #3: Maybe start with Lima. The information we get from Lima and we are in a frequent exchange with Lima, is that, passengers are getting more and more used to this.

Speaker #3: There's, on the international side, not a big mess with this from passengers. airlines are not, are not really a friend of this, transfer charge.

Stefan Schulte: Let me start with Lima. The information we get from Lima, and we are in a frequent exchange with Lima, is that passengers are getting more and more used to this. There's on the international side, not a big mess with this from passengers. Airlines are not really a friend of this transfer charge. That's absolutely right. It's not because of Lima itself, it's more they don't like it as a showcase for South America in general. We have a clear regulatory approval on this. It's we are open if you want to restructure it in a different way, but for the time being, it will stay this way. Of course, we also would enjoy if we could collect it via the ticket price directly.

Speaker #3: That's absolutely right. it's not because of Lima, itself. It's more, they don't like it as a showcase for South America in general. we have a clear regulatory approval on this.

Speaker #3: It's, we are open if you want to restructure it in a different way. But for the time being, it will stay this way. And of course, we also would enjoy if we could, collect it via the ticket price directly.

Speaker #3: we are in discussions with airlines, but up to now, they are taking up a position, not to involve it into the ticket price. I think there will be a better solution.

Speaker #3: but we will go ahead this way because passengers are getting more and more used to this. and we don't see any big queues. We don't see big, protests on that side.

Stefan Schulte: We are in discussions with airlines, but up to now they are taking up a position not to involve it into the ticket price. I think that would be the better solution, but we will go ahead this way because passengers are getting more and more used to this. We don't see any big queues. We don't see big protests on that side. Yeah, it's approved. Regarding Lufthansa, regarding the joint venture discussion, to be really clear on that, there are no discussions on a joint venture between us and Lufthansa. We are always in discussions, that's no question, because it's a major customer. We explored also ideas. One year ago or something like this, we also offered them the opportunity to go into a joint venture regarding terminal two.

Speaker #3: And yeah, it's approved. regarding Lufthansa, regarding the joint venture discussion, to be very clear on that, there are no discussions on a joint venture between us and Lufthansa.

Speaker #3: We are always in discussions. That's no question because it's a major customer. we explored also ideas. We, our one year ago or something like this, we also offered them the opportun-opportunity to go into a joint venture regarding Terminal 2.

Speaker #3: that has not been taken up. it's too far out for them. And probably they didn't want to go into a joint venture like, Plane Vanilla as you go into a joint venture.

Speaker #3: But we are an acting adventure, so we have to go such a way. like we would do with on arm-length space with everybody else.

Stefan Schulte: That has not been taken up. It's too far out for them, and probably they didn't want to go into a joint venture like plain vanilla as you go into a joint venture. We are in a joint venture, so we have to go such a way, like we would do with an arm's length basis with everybody else. If they want to go in Munich, they have to go for the next satellite because Munich is coming in Terminal 2 to some limitations. That's clear that they do this if they have to go. If they want to go, it's clear they want to grow with the market, they have to do it in a joint venture together with Munich Airport because they are already in Terminal 2 in a joint venture.

Speaker #3: if they want to go in Munich, they have to go for the next satellite because Munich is coming in Terminal 2 to some limitations.

Speaker #3: And that's clear that they do this if they have to go. If they want to go and the it's clear they want to go with the market, they have to do it, in a joint venture together with, with Munich Airport because they are already in Terminal 2 in a joint venture.

Speaker #3: I take some of these discussions publicly also a little bit to make more pressure on Munich for more favorable condition. That's their responsibility. Munich and Lufthansa.

Stefan Schulte: I take some of these discussions publicly also a little bit to make more pressure on Munich for more favorable condition. That's their responsibility, Munich and Lufthansa. I have seen over the recent 10 years that we are also growing with the market, also together with Lufthansa. At least if they have the aircraft and they get now the aircraft, independent from the question of a joint venture or not. Also the signals I get from Lufthansa are, yes, I want to continue to grow in Frankfurt. Whether a little bit over proportion or under proportion, that depends more on the aero costs, that depends more on the market. We will go ahead with Terminal 2 as mentioned, but we are flexible how we do it on the timeline.

Speaker #3: I've ve seen over the recent 10 years that, we are also going with the market also together with Lufthansa. At least if they have the aircraft and they get now the aircraft.

Speaker #3: independent from the question of a joint venture or not. and also the Cignas I get from Lufthansa are, yes, they want to continue to go in Frankfurt.

Speaker #3: Where they're a little bit overproportional or underproportional, that depends more on the aircraft. That depends more on the market. and we will go ahead with Terminal 2 as mentioned.

Speaker #3: But we are flexible how we do it on the timeline. So at the moment, we have the planning jobs out. That will take at least two years.

Speaker #3: Because we need really a very, very good planning without any conflicts in between the planning. So don't really to the details before we can start with construction on that side.

Stefan Schulte: At the moment, we have the planning jobs out that will take at least 2 years because we need really very, very good planning without any conflicts in between the planning. Down really to the details before we can start with construction on that side. The construction will not be before the year 2029 or 2030. Also if you go regarding a new satellite in Munich, it will also take at least, in my opinion, 10 years. It's also long-term, and they have a lot of opportunities also here in Frankfurt, even without Terminal 2 at the beginning, but later on, they would need it, because we move Condor into the south, so there's enough capacity in the Terminal 1, and we can even blend Terminal 1 more Star Alliance-focused or Lufthansa-focused.

Speaker #3: so the construction will not be for the year 2029 or 2030. And, also if you go regarding a new satellite in Munich, it will also take at least, in my opinion, 10 years.

Speaker #3: So it's also long-term. And they have a lot of opportunities also here in Frankfurt. Even without Terminal 2 at the beginning. But later on, they would need it.

Speaker #3: because we move Condor into the south. So there's enough capacity in the Terminal 1. And we can even brand Terminal 1 more Star Alliance, Focused, or Lufthansa Focused.

Speaker #3: And they have more gate positions. They have more better quality on, on apron positions. And so on because the weights are much shorter. Punctuality is, is higher.

Speaker #3: customer satisfactory is better. So I'm I'm not very much concerned on this.

Stefan Schulte: They have more gate positions, they have more better quality on apron positions and so on because the waits are much shorter, punctuality is higher, customer satisfaction is better. I'm not very much concerned on this.

Speaker #4: Okay. thank you. Yeah, maybe Graham and then Dario afterwards.

Speaker #5: Thanks very much, Graham Hunt from Jefferies. Just two questions from me. first actually on Terminal 3. Thanks very much for the, the tour this morning.

Matthias Zieschang: Okay. Thank you. Yeah. Maybe Graham and then Dario afterwards.

Florian Fuchs: Okay. Thank you. Yeah. Maybe Graham and then Dario afterwards.

Speaker #5: are you happy with the retail offering that you have, and that you're starting with here? I think maybe we were, noticing a lack of very high-end luxury brands in, i-in the terminal.

Graham Hunt: Thanks very much. Graham Hunt from Jefferies. Just two questions from me. First, actually on Terminal 3. Thanks very much for the tour this morning. Are you happy with the retail offering that you have and that you're starting with here? I think maybe we were noticing a lack of very high-end luxury brands in the terminal. Was that a conscious decision because of the mix of traffic, or is that somewhere that maybe there's a little bit of upside on format and spend as we go forward with the terminal? Second question, just on capital structure. You mentioned that below 5 times leverage to hit your payout ratio, but is that where you're comfortable keeping the balance sheet?

Speaker #5: Was that a conscious decision because of the mix of traffic? Or is that somewhere that maybe there's a little bit of upside on, on format and, and spend, as we go forward with the terminal?

Speaker #5: And then second question, just on capital structure. you, you mentioned that below five times leverage to, to hit your payout ratio. But is that where you're comfortable keeping the balance sheet?

Speaker #5: Or if I think about 2030, where would you expect leverage to land at that point? Thanks.

Speaker #3: I'll start with retail. On Terminal 3, there's a mixed on fire protection rules and so on. I would say it's a starting point. Due to the knowledge two or three years ago, three years ago, which kind of aircraft will be the first airc this kind of airlines will be the first airlines going down there.

Graham Hunt: If I think about 2030, where would you expect leverage to land at that point? Thanks.

Stefan Schulte: I'll start with retail. On Terminal 3, there's a mix of fire protection rules and so on. I would say it's a starting point. Due to the knowledge two or three years ago, which kind of airlines will be the first airlines going down there. Then you test the market, and I'm absolutely sure that the retail components and the wayfinding will be different in three years from now and five years from now. If you go, for example, out of the central marketplace, it's too open at the moment. They will have to find ways to put eye breaker in, let's call it this way, but nevertheless, that you can walk through because of fire protection rules. So steels or

Speaker #3: And then you test the market. And, I'm absolutely sure that the retail components and the wayfinding will be different in three years from now and five years from now.

Speaker #3: So if you go, for example, out of the central marketplace, it's too open at the moment. there will there will have to find ways to put eye-breaker in, let's call it this way.

Speaker #3: But nevertheless, that you can walk through because of fire protection rules. so steels or Säulen, Wassersäulen,

Speaker #5: Pillars.

Speaker #3: Pillars or something like this, as an as a a break to shift the people more on the duty-free. And, and yeah, and the other thing is, what's probably very positive over there in the marketplace, that there are big areas of food and beverage, which is, the main topics these days with the many, many gross gross rates, with direct view on the apron to the city and so on.

Matthias Zieschang: Pillars.

Stefan Schulte: Pillars or something like this, as a break to shift the people more in the duty-free. The other thing is, what's probably very positive over there in the marketplace is there are big areas of food and beverage, which is the main topic these days with the main growth rates with direct view on the apron to the city and so on. That's very positive. On the shop side, we have to see how it's developed over time. Capital structure.

Speaker #3: That's very positive. On the shop side, we have to see how it's developed over the time. capital structure.

Speaker #4: Structure. Yeah, yeah. First of all, question regarding net debt to EBITDA. So we both are very ambitious. So you can believe that we are going to do all that already in 2027 to achieve a number which is slightly below five times to open the fantasy box for, for dividend payment.

Matthias Zieschang: Structure. Yeah. First of all, question regarding net debt to EBITDA. We both are very ambitious, so you can believe that we are going to do all of that already in 2027 to achieve a number which is slightly below 5x to open the fantasy box for dividend payments. Second, when you look forward into 2030, where we have clear targets, EUR 2 billion / 1 billion. If you take the EUR 2 billion, and we are doing all to achieve this number. If you take the EUR 2 billion and on the other side look on net debt to EBITDA and 3x as an absolutely minimum, then our floor regarding the indebtedness is EUR 6 billion.

Speaker #4: Second, when you look forward into 2020-30, so where we have clear targets 2 billion slash billion and we are doing all to achieve this, this number, if you take the 2 billion and on the other side, look on net debt to EBITDA and three times as an absolutely minimum, so then our floor regarding the indebtedness is 6 billion.

Speaker #4: So we are coming down from 8.2 and let me say the, the roadmap is going down to in the near of 6 million. Not million, billion.

Speaker #4: And this is defining but we are, we are coming from, from EBITDA 2 billion indebtedness and then we can via increasing dividend payment, we, we can control the path to our, our targets in 2030.

Matthias Zieschang: We are coming down from EUR 8.2 billion, and let me say the roadmap is going down to in the area of EUR 6 billion, not million. This is defining, but we are coming from EBITDA, EUR 2 billion indebtedness, and then we can via increasing dividend payment control the path to our targets in 2030.

Speaker #5: Okay. Thank you, Dario. Yeah, you were.

Speaker #2: and Dario Maglione from BNP Paribas. first of all, congratulations for this important milestone of reaching free cash flow positive. In 2025. I have two questions.

Stefan Schulte: Okay. Thank you. Dario, yeah, you were.

Florian Fuchs: Okay. Thank you. Dario, yeah, you were.

Speaker #2: One is on the CapEx x guidance. You provided a good slide where you show CapEx until 2031 for Frankfurt. so my question that, I'd like to understand how you baked in inflation inflation risk also in the context that here in Germany, there is an infrastructure fund from the government and there might be more projects in the future, maybe less labor availability.

Dario Maglione: Dario Maglione from BNP Paribas. First of all, congratulations for this important milestone of reaching free cash flow positive in 2025. I have two questions. One is on the CapEx guidance. You provided a good slide where you show CapEx until 2031 for Frankfurt. My question, I'd like to understand how you baked in inflation risk, also in the context that here in Germany there is an infrastructure fund from the government, and there might be more projects in the future, maybe less labor availability. Construction costs might go up. I just wanted to understand how you factor in this in your projections. The second question is, you know, always this debate about M&A potential, so and the M&A appetite, you know.

Speaker #2: Construction costs might go up. So I just wanted to understand how you factor in this in your projections. And then the second question instead is, you know, always is debate about M&A potential.

Speaker #2: So in the M&A appetite. You know, so when do you think Fraport may start to look again at international opportunities to grow?

Speaker #3: I'll start with the second one. on M&A, I would say I would exclude it, to be quite honest, for the next two years, at least no big tickets.

Dario Maglione: When do you think Fraport may start to look again at international opportunities to grow?

Stefan Schulte: I'll start with the second one. On M&A, I would say I would exclude it, to be quite honest, for the next two years, at least no big tickets. Something like Kalamata or something like Jeddah, yeah, could always be, or the one or the other smaller thing, but nothing big. I would more expect if there's something coming on more regarding end of the decade. It's not affecting any discussion on dividends or whatever, or capital structure or something like this. We have been very clear, below five we will go to 60% to 80%, and we will also continue that way. It's also, as Matthias just mentioned, it's not a target to go to three, it was just as a minimum. We will go up with the dividends then. On capital structure-

Speaker #3: something like Kalamata or something like, Geri, yeah, could always be or the one or the other smaller thing. But nothing big. and I would more expect if there is something coming around more regarding end of the decade.

Speaker #3: So it's not affecting any discussion on dividends or whatever or capital structure or something like this. So we have been very clear below five, we will go to 60 to 80 percent and we will also continue that way.

Speaker #3: And it's also as Matthias just mentioned, it's not a target to go to three. It was just as a minimum. So we will go up with the dividends then.

Speaker #3: on capital structure, On CapEx guidance, yeah, inflation.

Speaker #4: CapEx guidance, whether inflation is embedded or not, perhaps we can, can, can we show the slide? From the presentation, is it possible where we showed you the.

Speaker #5: Yeah, transport it.

Speaker #1: The guidance for the next couple of years for for maintenance , CapEx So we have you can see that these are increasing numbers .

Dario Maglione: CapEx guidance.

Stefan Schulte: On CapEx guidance, yeah. Inflation.

Matthias Zieschang: CapEx guidance, whether inflation is embedded or not, perhaps we can show the slide from the presentation? Is it possible? Where we show you the

Speaker #1: And the increase is equivalent to anticipated inflation rates . And price increases on the construction in the construction area . You can see , for example , maintenance , the box , the green box , grey box is going up as well as maintenance for for international assets .

Stefan Schulte: Yeah.

Matthias Zieschang: The guidance for the next couple of years for maintenance CapEx. You can see that these are increasing numbers, and the increase is equivalent to anticipated inflation rates and price increases in the construction area. You can see, for example, maintenance, the box, the green box, the gray box is going up as well as maintenance for international assets. This is, of course, on a normalized basis. We have the inflation included in our forecast.

Speaker #1: So this is of course on a normalized basis . We have the inflation included in our forecast Okay . Maybe Christian . And then afterwards Martin .

Christoph Nanke: CapEx guidance

Speaker #1: CAPEX guidance.

Stefan Schulte: On CapEx guidance, yeah, inflation.

Speaker #2: On CAPEX guidance, inflation.

Matthias Zieschang: CapEx guidance, whether inflation is embedded or not. Perhaps we can show the slide from the presentation. Is it possible where we show you the

Speaker #1: Embedded or not, perhaps we can—can we show the slide? From the presentation, is it possible—where we showed you the—

Speaker #2: Yeah, transport it.

Stefan Schulte: Yeah, I transported.

Matthias Zieschang: The guidance for the next couple of years, for maintenance CapEx. You can see that these are increasing numbers, and the increase is equivalent to anticipated inflation rates and price increases on the construction, in the construction area. You can see, for example, maintenance, the box, the green box, the gray box is going up, as well as maintenance for international assets. This is, of course, on a normalized basis, we have the inflation included in our forecast.

Speaker #1: the guidance for the next couple of years, for, for maintenance CAPEX, so we have you can see that these are increasing numbers, and the increase, is equivalent to anticipated inflation rates, and, and price increases on the construction.

Speaker #1: I think that was the order . And we can continue with Niccolo

Speaker #2: Christian Cohrs research Two questions from my side . You confirmed the 2,000,000,001 billion target for 2030 . The 2030 targets . But also include that Rothera is going to exceed the WACC .

Dario Maglione: Okay. Maybe Cristian and then afterwards Marcin. I think that was the order, and then we can continue with Nicolo.

Florian Fuchs: Okay. Maybe Cristian and then afterwards Marcin. I think that was the order, and then we can continue with Nicolo.

Speaker #1: In the construction area, you can see, for example, maintenance, the box, the grey box. Grey box is going up, as well as maintenance for international assets.

Cristian Nedelcu: Yeah. Cristian

Stefan Schulte: Can start with the question on low-cost carriers. No. If you mean with low-cost carriers Ryanair, I would not expect it. Whoever else, because there's not any longer this clear distinction between low cost and not low cost, there are more hybrid models out and so on, also on the intercontinental side, I would not exclude anything. That depends on market, that depends on airline strategy. If you are so clear on Ryanair, this is the question, I would not expect it. If they are willing to come back, if they see a market, they are highly welcome, but as a normal airline, as all other airlines with normal tariffs and so on.

Speaker #2: Does this apply for all divisions ? Because this would actually mean a massive improvement . Abdul approval or Abbott improvement in ground handling .

Speaker #1: So this is, of course, on a normalized basis, we have, the inflation included in our forecast.

Speaker #2: And do you think that's realistic and secondly , now with all the capacity in place , do you expect that low cost carriers will come back to Frankfurt

Speaker #2: Okay. maybe Christian and then afterwards Martine, I think that was your end, and, we can continue with Nicola.

Christoph Nanke: Okay. Maybe Christian, and then afterwards Marcin. I think that was the order, and then we can continue with Nicolo.

Speaker #1: Can start with the question on low cost carriers know if you mean with low cost carriers . Ryanair . I would not expect it Whoever else , because there's not any longer this clear distinction between low cost and not low cost .

Speaker #3: Yeah, Christian Kurzbauer, Grüße. Two questions from my side. You confirmed the €2 billion and €1 billion target for 2030, the 2030 targets. But also, it includes that ROFRA is going to exceed the WAC.

Christian Cohrs: Yeah. Christian Cohrs, Baader Research. Two questions from my side. You confirmed the EUR 2 billion and 1 billion target for 2030. The 2030 targets but also include that ROFRA is going to exceed the WACC. Does this apply for all divisions? Because this would actually mean a massive improvement, EBITDA improve or EBIT improvement in ground handling, and do you think that's realistic? Secondly, now with all the capacity in place, do you expect that low-cost carriers will come back to Frankfurt?

Speaker #1: There are more hybrid models , models out and so on Also on the intercontinental side , I would not exclude anything That depends on markets .

Speaker #3: Does this apply for all divisions? Because this would actually mean a massive improvement. EBITDA improve or EBIT improvement in ground tightening, and do you think that's realistic?

Speaker #1: That depends on airlines strategy But if you are so clear on Ryanair , if this is the question , I would not expect it If there are willing to come back , if they see a market , they are highly welcomed .

Speaker #3: And secondly, now with all the capacity in place, do you expect that low-cost carriers will come back to Frankfurt?

Speaker #2: I can start with the question on low-cost carriers. Now, if you mean with low-cost carriers, Ryanair, I would not expect this. Whoever else? Because there's not any longer this clear dis-distinction between low-cost and not out, and so on.

Stefan Schulte: Can start with the question on low-cost carriers. Now, if you mean with low-cost carriers Ryanair, I would not expect it. Whoever else, because there's not any longer this clear distinction between low cost and not low cost, there are more hybrid models out and so on, also on the intercontinental side, I would not exclude anything. That depends on market, that depends on airline strategy. If you are so clear on Ryanair, this is the question, I would not expect it. If they are willing to come back, if they see a market, they are highly welcome. As a normal airline, as all other airlines with normal tariffs and so on.

Speaker #1: But as a normal airline , as all other airlines with normal terrorists and so on The second question regarding how to achieve the tour billion target in 2030 .

Speaker #1: So first of all , in based on our internal planning , all for segments must go up This is part of our planning .

Speaker #2: Also, on the intercontinental side, I would not exclude anything. That depends on the market. That depends on airline strategy. But if you are so clear on Ryanair, if this is the question, I would not expect it.

Matthias Zieschang: First or second question regarding how to achieve the EUR 2 billion target in 2030. First of all, it's based on our internal planning, all four segments must go up. This is part of our planning. If you look at the several units, you first of all, starting with ground handling, where we have negative numbers or had negative numbers.

Speaker #1: And if you look on the several units , you . First of all , starting with ground handling , where we have negative numbers or had negative numbers and we are far away from any cost coverage .

Speaker #2: If they are willing to come back, if they see a market, they are highly welcomed. But as a normal airline, as all other airlines, with normal tariffs and so on.

Speaker #1: Also , regarding cost of capital . And the first big step you will see in 2027 in combination with the new contract with with Lufthansa and all along , also cost of capital must be covered .

Stefan Schulte: Absolutely

Matthias Zieschang: We are far away from any cost coverage also regarding cost of capital. The first big step you will see in 2027 in combination with a new contract with Lufthansa and other long also cost of capital must be covered. This means there's a significant relative as well as absolute increase in this segment. The international segment is unconstrained, so there's also a huge headroom based on natural growth at all assets in our portfolio, combination of volume times prices. Retail, we are looking forward. We are relatively optimistic on a conservative basis that all numbers will improve. Last but not least, in aviation itself with, for example, in ROFA 4.6% in 2025, we are far away from the regulated one. This is a headroom.

Matthias Zieschang: First or second question, regarding how to achieve the EUR 2 billion target in 2030. It's based on our internal planning, all four segments must go up. This is part of our planning. If you look on the several units, you first of all, starting with ground handling, where we have negative numbers or had negative numbers.

Speaker #1: first or second question?

Speaker #2: Regarding how to achieve the tour billion target in 2030: First of all, based on our internal planning, all four segments must go up.

Speaker #1: And this means there is a significant relative as well as absolute increase in this segment . The international segment is unconstrained from . So there's also a huge headroom based on natural growth at all assets .

Speaker #2: this is part of our planning, and if you look on the several, units, you first of all, starting with ground tightening, where we have negative numbers or had negative numbers.

Speaker #1: Assets in our portfolio , combination of volume times , prices , retail . We are looking forward . We are relatively optimistic on a conservative basis that all numbers will improve .

Stefan Schulte: Yes.

Matthias Zieschang: We are far away from any cost coverage also regarding cost of capital. The first big step you will see in 2027 in combination with a new contract with Lufthansa and other long also cost of capital must be covered. This means there's a significant relative as well as absolute increase in this segment. The international segment is unconstrained, so there's also a huge headroom based on natural growth at all assets in our portfolio, combination of volume times prices. Retail, we are looking forward, we are relatively optimistic on a conservative basis that all numbers will improve. Last but not least, in aviation itself with, for example, in ROFRA 4.6% in 2025, we're far away from the regulated one. This is a headroom.

Speaker #2: And we are far away from any cost coverage. Also, regarding cost of capital and so, the first big step you will see in 2027 in combination with a new contract with Lufthansa and other long—also, cost of capital must be covered.

Speaker #1: And last but not least , in aviation itself , with , for example , an offer of 4.6% in 25 , EUR far away from the regulated one .

Speaker #1: And so there is a headroom . So it's a it's a growth at all for segments . Of course , over proportionately in ground handling , relatively seen and absolutely unconstrained in retail as well as in the international segment Okay .

Speaker #2: And this means there's a significant relative as well as absolute increase in this segment. The international segment is unconstrained, so there's also a huge headroom based on natural growth at all assets—assets in our portfolio—a combination of volume times prices.

Matthias Zieschang: It's a growth at all four segments, of course, over proportionately in ground handling, relatively seen, and absolutely unconstrained in retail as well as in the international segment.

Speaker #1: Thank you . Martin . Please .

Speaker #3: Hello . Hi . It's Marcin Wojtal from Bank of America Two questions . Firstly , on terminal two , could we just confirm that the total CapEx envelope for this upgrade and refurbishment is around 1.5 billion ?

Speaker #2: Retail, we are looking forward. We are relatively optimistic on a conservative basis that all numbers will improve. And last but not least, in, in aviation itself, with, for example, in, in, in ROFRA of 4.6% in, in '25, we are far away from the regulated one.

Dario Maglione: Okay. Thank you. Marcin, please.

Florian Fuchs: Okay. Thank you. Marcin, please.

Marcin Wojtal: Hello. Hi. It's Marcin Wojtal from Bank of America. Two questions. Firstly, on terminal two, could we just confirm that the total CapEx envelope for this upgrade and refurbishment is around EUR 1.5 billion? Could you clarify how you are planning to obtain an attractive financial return on that investment? Could it allow you to obtain further tariff increases, for example, over the medium term? Perhaps question number two very quickly, could you just come back on the retail performance in Q4? Should we consider Q4 to have been impacted by some one-offs or that was more of a clean quarter, would you say?

Speaker #3: And could you clarify how are you planning to obtain an attractive financial return on that investment ? Could it allow you to obtain further tariff increases , for example , over over the medium term and perhaps question number two , very quickly , could we just come back on retail performance in Q4 ?

Speaker #2: And so there's a headroom. So it's a, it's a growth at all for segments, of course, overproportionately in ground handling relatively seen. And absolutely unconstrained in retail as well as in the international segment.

Matthias Zieschang: It's a growth at all four segments, of course, disproportionately in ground handling, relatively seen and absolutely unconstrained in retail as well as in the international segment.

Speaker #3: Should we should we consider Q4 to have been impacted some one offs or , or , or that was more of a clean , clean quarter ?

Speaker #3: Would you say ?

Speaker #2: Okay.

Christoph Nanke: Okay. Thank you. Marcin, please.

Speaker #1: Thank you, Martine. Please.

Speaker #1: Maybe it take the first question . On terminal two . I think we explained already the next three , four years are planning phase decision phase .

Speaker #4: Yes, hello. Hi, it's Martine Kurzbauer from Bank of America. Two questions. Firstly, on Terminal Two, could we just confirm that the total CAPEX envelope for this upgrade and refurbishment is around €1.5 billion?

Marcin Wojtal: Yes. Hello. Hi. It's Marcin Wojtal from Bank of America. Two questions. Firstly, on Terminal 2, could we just confirm that the total CapEx envelope for this upgrade and refurbishment is around EUR 1.5 billion? Could you clarify how you are planning to obtain an attractive financial return on that investment? Could it allow you to obtain further tariff increases, for example, over the medium term? Perhaps question number 2, very quickly, could you just come back on retail performance in Q4? Should we consider Q4 to have been impacted by some one-offs or that was more of a clean quarter, would you say?

Speaker #1: Then preparation phase for construction . Real construction will not start before end of 2029 . Something like this 2030 . So the question how we earn long term money on that , if you know that terminal two will not be back on operation 20 , 34 or something , 20 , 35 , something like this .

Stefan Schulte: Maybe I take the first question on Terminal 2. I think we explained already the next three, four years are planning phase, decision phase, then preparation phase for construction. Real construction will not start before end of 2029, something like this, 2030. So the question, how we earn long-term our money on that, if you know that Terminal 2 will not be back on operation 2034 or something, 2035, something like this, we are flexible on that. If you know that the market is, at least going by, rough number, 2% per year, something like this, 10 years from now, 2% per year plus, interest on that, it's 25%, something like this.

Speaker #4: And could you clarify how are you planning to obtain an attractive financial return on that investment? Could it allow you to obtain further tariff increases, for example over, over the medium term?

Speaker #4: and, and perhaps question number two, very quickly, could we just come, come back on, on retail performance in, in Q4? Should we, should we consider, Q4 to have been impacted by some one-offs or, or, or, or that was more of a clean, clean quarter?

Speaker #1: We are flexible on that . And if you know that the market is at least going by half , number or 2% per year , something like this , ten years from now , 2% per year plus interest on that .

Speaker #4: Could you say?

Stefan Schulte: Maybe I take the first question on Terminal 2. I think we explained already the next three, four years are planning phase, decision phase, then preparation phase for construction. Real construction will not start before end of 2029, something like this, 2030. The question, are we on long term or money on that? If you know that Terminal 2 will not be back in operation 2034 or something, 2035, something like this, we are flexible on that. If you know that the market is, at least going by rough number, 2% per year, something like this, 10 years from now, 2% per year plus interest on that, it's 25%, something like this.

Speaker #3: Maybe I take the first question. on terminal two, I think we explained already. The next three, four years are planning phase. Decision phase. Then preparation phase for construction, real construction will not start before end of 2029, something like this, 2030.

Speaker #1: It's 25% . Something like this . We need to turn to also buy volume , not not just finance via price or something like this .

Speaker #1: Inflation and so on . So also buy volume by growth . So I don't have any questions on doubts on the question , how do we earn our money in the long run ?

Stefan Schulte: We need the terminals to also by volume, not just finance via price or something like this, inflation and so on, so also by volume, by growth. I don't have any questions on or doubts on the question, how do we earn our money in the long run? Because this EUR 1.5 billion, yes, we confirm it on this number. That's a long-term number over several years, and it's not a short-term burden for us, something like this.

Speaker #3: So the question, how we are on long-term, our money on that, if you know that Terminal 2 will not be back in operation until 2034 or something, 2035, something like this.

Speaker #1: Because this 1.5 billion yes , we confirm it around this number . That's a long term number of of several years . And it's not a short term burden for us .

Speaker #3: We are flexible on that. And if you know that the market is, at least going by rough number, 2% per year, something like this, 10 years from now, 2% per year plus interest on that, it's 25%, something like this.

Speaker #1: Something like this . So .

Speaker #4: That's an addition of this . What you mentioned all the investments already done before the reopening of terminal two . Each and every euro goes directly into the rep .

Speaker #3: We need the terminals, two also by volume, not—not just finance. We are price, or something like this, inflation and so on. So, also by volume, by growth.

Stefan Schulte: We need the terminals to also buy volume, not just finance via price or something like this, inflation and so on. Also by volume, by growth. I don't have any doubts on the question, how do we earn our money in the long run? Because this EUR 1.5 billion, yes, we confirm it, around this number. That's a long-term number over several years, and it's not a short-term burden for us, something like this.

Speaker #4: So and this is a base also for gaining more and more money . So is creating headroom also all along for for for fee increases .

Matthias Zieschang: In addition to this, what you mentioned, all the investments already done before the reopening of Terminal 2, each and every euro goes directly into the RAB. This is a base also for gaining more and more money. It's creating headroom also all along for fee increases.

Speaker #3: so I don't, have any questions on or doubts on the question how do we earn our money in the long run because this 1.5 billion, yes, we confirm it.

Speaker #1: Second question was on Q4 retail Retail performance is these days relatively difficult to monitor because if you take on the one side terminal two , where we have not done together with the concessionaires , we have not done any further modernization on that side for the recent 2 or 3 years .

Speaker #3: Our own this number. that's a long-term number, over several years. and, it's not a, a short-term bo-burden for us, something like this. So.

Stefan Schulte: The second question was on Q4 retail. Retail performance is these days relatively difficult to monitor because if you take on the one side Terminal 2, where we have not done together with the concessionaires, we have not done any further modernization on that side for the recent two or three years, so it's coming a little bit down. If you look at all the jobs done in Terminal 1, you see more and more empty spaces in the central area of B because of the fire protection works that are done these days and these years. It's not just these days. That's the problem on that side. End of Q4, I think, food and beverage came back in on the air side of Pier B. It was end of Q4, I think.

Matthias Zieschang: That's an addition to this, what you mentioned. All the investments already done before the reopening of Terminal 2, each and every euro goes directly into the RAB. This is a base also for gaining more and more money. It's creating headroom also all along for fee increases.

Speaker #1: That's an addition of this, what you mentioned.

Speaker #2: All the investments already done before the reopening of Terminal Two, each and every euro goes directly into the RAP. So, and this is a base also for gaining more and more money.

Speaker #1: So it's coming a little bit down . And if you look at all the jobs done in terminal one , you see more and more empty spaces in the central central area of B because of the fire protection work , they are done these days .

Speaker #2: So it's, it's, it's, it's creating headroom also other long for, for, for fee increases.

Speaker #1: And these years , it's not just these days . That's the problem on that side . And of Q4 , I think food and beverage came back in on the on the air side of pier .

Stefan Schulte: Second question was on Q4 retail. Retail performance is these days relatively difficult to monitor, because if you take on the one side, Terminal 2, where we have not done together with the concessionaires, we have not done any further modernization on that side for the recent two or three years, so it's coming a little bit down. If you look at all the jobs done in Terminal 1, you see more and more empty spaces in the central area of B, because of the fire protection works that are done these days and these years. It's not just these days. That's the problem on that side. End of Q4, I think, food and beverage came back in on the air side of pier B. It was end of Q4, I think.

Speaker #3: Second question was on Q4 retail. retail performance is these days relatively difficult to monitor because if you take on the one side, terminal two, where we have not done together with the concessionaires, we have not done any further modernization on that, side for the reason two or three years.

Speaker #1: Pier B was end of Q4 . I think there was a huge area . So there we should see for food and beverage positive results , the one or the other shop came back there .

Speaker #3: So, it's coming a little bit down. Then, if you look at all the jobs done in Terminal 1, you see more and more empty space in the central area of B, because of the fire protection works.

Speaker #1: One shop , I think , or two shops . I'm not exactly sure on PV , but what we learn also , I don't know what your experience is from other airports on on the pure duty free business .

Matthias Zieschang: Yeah.

Stefan Schulte: There was a huge area, so there we should see for food and beverage, positive results. The one or the other shop came back there. One shop, I think, or two shops, I'm not exactly sure on Pier B. What we learn also, I don't know what your experience is from other airports on the pure duty-free business, there's not a big growth these days. It's more on food and beverage, and we have to find new answers on duty-free. It's more on other types of shops. Yeah, the shop business, they are small growth rates, but not big growth rates. That's not just Frankfurt. This we learned across Europe somewhere.

Speaker #1: There's not a big growth these days . It's more on food and beverage . And we have to find new answers on duty Free .

Speaker #3: They are done these days and these years. It's not just these days. That's the problem on that side. And of Q4, I think, food and beverage came back in on the on the air side of, PR, PRB.

Speaker #1: It's more on on other types of shops . But if yeah , this shop business , they are small growth rates , but not big growth rates That's not just Frankfurt .

Speaker #3: It was end of Q4, I think. there was a huge area. So there we should see, for food and beverage, positive results. The one or the other shop came back there.

Matthias Zieschang: Yeah.

Stefan Schulte: There was a huge area, so there we should see for food and beverage, positive results. The one or the other shop came back there. One shop, I think, or two shops, I'm not exactly sure on pier B. What we learn also, I don't know what your experience is from other airports on the pure duty-free business, there's not a big growth these days. It's more on food and beverage, and we have to find new answers on duty-free. It's more on other types of shops from the shop business, they are small growth rates, but not big growth rates. That's not just Frankfurt. This we learned across Europe somewhere.

Speaker #1: This we learned across Europe somewhere .

Speaker #4: Okay . Thank you . Yeah . Niccolo

Speaker #3: One shop, I think, or two shops. I'm not exactly sure on PRB. But what we learned also—I don't know what your experience is from other airports on the pure duty-free business.

Speaker #5: Thank you . Nicola from Mediobanca . First question . If you can elaborate on the opex outlook for 2026 , implied in the €1.5 billion EBITDA target , you provided this morning .

Marcin Wojtal: Okay. Thank you. Yeah. Nicolo.

Florian Fuchs: Okay. Thank you. Yeah. Nicolo.

Speaker #3: There's not the big growth these days. It's more on food and beverage. And we have to find new answers on duty-free. It's more on, on other types of shops.

Nicolo Pecina: Thank you. Nicolo Pecina from Mediobanca. First question, if you can elaborate on the OpEx outlook for 2026, implied in the EUR 1.5 billion EBITDA target you provided this morning. If you see any risk from energy prices, your expectations on labor costs in Frankfurt, or any risk from the opening of Terminal 3. Second question, on the regulatory agreement with the airlines here in Frankfurt, do you see that it could be at risk under a scenario of a severe impact on traffic from the current crisis, or it's totally safe and there is no discussion about it? Thank you.

Nicolo Pessina: Thank you. Nicolo Pecina from Mediobanca. First question, if you can elaborate on the OpEx outlook for 2026, implied in the EUR 1.5 billion EBITDA target you provided this morning. If you see any risk from energy prices, your expectations on labor costs in Frankfurt, or any risk from the opening of Terminal 3. Second question, on the regulatory agreement with the airlines here in Frankfurt, do you see that it could be at risk under a scenario of a severe impact on traffic from the current crisis, or it's totally safe and there is no discussion about it? Thank you.

Speaker #5: If you see any risk from energy prices , your expectations on labor costs in Frankfurt or any risk from the opening of terminal three .

Speaker #3: But if, yeah, this shop business—they are small growth rates, but not big growth rates. And that's not just Frankfurt; this we learned across Europe somewhere.

Speaker #5: Second question on the regulatory agreement with the airlines here in Frankfurt , do you see that it could be at risk ? Under a scenario of severe impact on traffic from the current crisis or its totally safe and there is no discussion about it ?

Christoph Nanke: Okay. Thank you. Yeah. Nicolo.

Speaker #2: Okay. Thank you. Yeah. Nicola.

Nicolo Pessina: Thank you. Nicolo Pessina from Mediobanca. First question, if you can elaborate on the OpEx outlook for 2026, implied in the EUR 1.5 billion EBITDA target you provided this morning. If you see any risk from energy prices, your expectations on labor costs in Frankfurt, or any risk from the opening of Terminal 3. Second question, on the regulatory agreement with the airlines here in Frankfurt. Do you see that it could be at risk, under a scenario of a severe impact on traffic from the current crisis, or it's totally safe and there is no discussion about it? Thank you.

Speaker #4: Thank you. Nicola Pessina from Mediabanca. first question, if you can, elaborate on the OPEX outlook for 2026, implied in the 1.5 billion euros, EBDA target you provided this morning.

Speaker #5: Thank you

Speaker #4: Regarding regarding opex , so we we continue to control opex . We have , as always , two items material expenses as well as personnel expenses on the personnel cost side .

Speaker #4: If you see any risk from energy prices, your expectations on labor costs in, Frankfurt, or any risk from reopening of terminal three. Second question, on the regulatory agreement, with the airlines here in Frankfurt.

Matthias Zieschang: OpEx, Matthias Zieschang.

Speaker #4: We haven't so far in advantage that based on the existing wage contracts now , the the further wage increase in 26 is significantly lower than in 25 .

Stefan Schulte: Regarding OpEx, we continue to control OpEx. We have, as always, two items, material expenses as well as personnel expenses. On the personnel cost side, we have so far had an advantage that based on the existing wage contracts, now the further wage increase in 2026 is significantly lower than in 2025. We had in 2025 a pure wage increase of more than 8%, which was unbelievable, so to say, based on the agreements. It's now going down to a little bit more than 4%. It's still too high, but it's better than in 2025. This helps us to control and on the FTE numbers, there will still be a small increase due to Terminal 3.

Matthias Zieschang: Regarding OpEx, we continue to control OpEx. We have, as always, two items, material expenses as well as personnel expenses. On the personnel cost side, we have so far had an advantage that based on the existing wage contracts, now the further wage increase in 2026 is significantly lower than in 2025. We had in 2025 a pure wage increase of more than 8%, which was unbelievable, so to say, based on the agreements. It's now going down to a little bit more than 4%. It's still too high, but it's better than in 2025. This helps us to control and on the FTE numbers, there will still be a small increase due to Terminal 3.

Speaker #4: Do you see that it could be at risk, under, scenario of severe impact on traffic from the current crisis, or it's, totally safe and there is no discussion about it?

Speaker #4: We had in 25 and fewer wage increase of more than 8% , which was unbelievable , so to say , based on the agreements , it's now , now going down to a little bit more than 4% .

Speaker #4: Thank you.

Speaker #4: So it's still too high , but it's better than 25 . We have , but this helps us to control . And on the FTE numbers , there will be a still small increase due to terminal three .

Stefan Schulte: OpEx.

Speaker #2: What is OPEX now?

Matthias Zieschang: Yeah, regarding OpEx, we continue to control OpEx. We have, as always, two items, material expenses as well as personnel expenses. On the personnel cost side, we have so far had an advantage that based on the existing wage contracts, now the further wage increase in 2026 is significantly lower than in 2025. We had in 2025 a pure wage increase of more than 8%, which was unbelievable, so to say, based on the agreements. It's now going down to a little bit more than 4%. It's still too high, but it's better than in 2025. This helps us to control and on the FTE numbers, yeah, there will be a still small increase due to Terminal 3.

Speaker #3: regarding, regarding OPEX, so we, we continue to control OPEX. We have, as always, two items: material expenses as well as personnel expenses. On the personnel, cost side, we haven't so far an advantage that based on the existing wage contracts, now the, the further wage increase in '26, a significantly lower than in '25.

Speaker #4: But after this we are on the peak level and based on our internal planning , then looking forward to 2030 . As year by year a small reduction of the total number of employees here at the site .

Speaker #3: We had in '25 and then fewer wage increase of more than 8%, which was unbelievable, so to say, based on the, the agreements. It's now, now going down to a little bit more than 4%.

Stefan Schulte: After this, we are on the peak level and based on our internal planning, then looking forward to 2030, there's year by year a small reduction of the total number of employees here at the site.

Speaker #4: Second , material expenses you mentioned energy cost . Here we have seen so far . Also advantages that now we have the the total electricity consumption is covered by photovoltaic devices On one side , and the wind park where we have a share on the other side .

Matthias Zieschang: Second, material expenses. You mentioned energy cost. Here we have insofar also advantages that now we have the total electricity consumption is covered by photovoltaic devices on one side and the wind park where we have a share on the other side. It's CO₂ neutral, and it's cheaper than before. All other energy things are covered and hedged by long-term contracts so that we don't see any increase on the energy cost side. Could be that we are lower than in the past. Regarding other material expense items, we are in line with modest inflation rates. We see increases 2 to 3% regarding all other items. In other words, we control the cost side.

Speaker #3: So it's still too high, but it's, it's better than in '25. we have but this helps us to control and on the FTE numbers, yeah, there will be a still, small increase due to terminal three.

Speaker #4: So it's CO2 neutral and it's cheaper than before . And all other energy things are covered and hedged by long term contracts . So that we don't see any increase on the energy cost side .

Matthias Zieschang: After this, we are on the peak level and based on our internal planning, then looking forward to 2030, there's year by year a small reduction of the total number of employees here at the site. Second, material expenses. You mentioned energy cost. Here we have in so far also advantages that now the total electricity consumption is covered by photovoltaic devices on one side and the wind park where we have a share on the other side. It's CO₂ neutral, and it's cheaper than before. All other energy things are covered and hedged by long-term contracts so that we don't see any increase on the energy cost side. Could be that we are lower than in the past. Regarding other material expense items, we are in line with modest inflation rates.

Speaker #3: But after this, we are on the peak level. And, based on our internal planning, then looking forward to 2030, there's, year by year, a small reduction of the total number of employees here at the site.

Speaker #4: Could be that we are lower than in the past . And regarding other material expense items , we are in line with modest inflation rates .

Speaker #3: Second, material expenses. You mentioned, energy cost. Here we haven't so far also advantages that now we have the, the total electricity consumption is covered by photovoltaic devices on one side and the wind park where we have a share.

Speaker #4: So we see increases 2 to 3% . Regarding all other items . So with other words , we control the cost side .

Speaker #1: Regarding the first . Now your second question . If you work on the aviation business on the airport side , you are used to the point .

Speaker #3: On the other side, so it's CO2 neutral and it's cheaper than before. And all other energy things are covered and hedged by long-term contracts.

Speaker #1: There's always pressure from airlines . They always would like to pay less . That's clear . And if you have such a lot of alums , you have big airlines .

Stefan Schulte: Your second question, if you work in the aviation business on the airport side, you are used to the point there's always pressure from airlines. They always would like to pay less. That's clear. If you have such a lot of airlines, you have big airlines, there are more business relations than if you have just an airline which is coming once a day or something like this. Having said this, there's nothing specific around at the moment. You know that on the aviation side, we have a contract in place for four years. There are another two years, I think, to go, if I'm correctly informed on my memory. Another two years to go, there's no point to discuss anything. If I would have to discuss, we lost at least 100,000 passengers because of the strike.

Speaker #1: There are more business relations than if you have just an airline , which is coming one once a day or something like this .

Speaker #3: So that we do don't see any increase on the energy cost side could be that we are lower than in, in, in the past.

Speaker #1: So having said this , there's nothing specific around at the moment . And you know that on the aviation side , we have a contract in place for four years .

Speaker #3: And regarding other material expense items, we are in line with modest inflation rates. So we see increases of two to three percent regarding all other items.

Matthias Zieschang: We see increases 2 to 3% regarding all other items. With other words, we control the cost side.

Speaker #1: There are another two years , I think , to go , if I'm correctly informed on my memory , another two years to go .

Speaker #3: So with other words, we, we control the cost side.

Stefan Schulte: Regarding your second question, if you work in the aviation business on the airport side, you are used to the point there's always pressure from airlines. They always would like to pay less. It's clear. If you have such a lot of airlines, you have big airlines, there are more business relations than if you have just an airline which is coming once a day or something like this. Having said this, there's nothing specific around at the moment. You know that on the aviation side, we have a contract in place for four years. There are another two years, I think, to go, if I'm correctly informed on my memory. Another two years to go, so there's no point to discuss anything. If I would have to discuss, we lost at least 100,000 passengers because of the strike.

Speaker #1: So there's no point to discuss anything . And if I would have to discuss , we lost at least 100,000 passengers because of the strike .

Speaker #2: Regarding your first no, your second question, if you work on the aviation business, on the airport side, you are used to the point, there's always pressure from airlines.

Speaker #1: That effect is more than the war affect at the moment , so nothing .

Speaker #2: There always would like to pay less. That's clear. And if you have such a lot of airlines, you have big airlines, there are more business relations than if you have once a day or something like this.

Speaker #4: Okay , thank you for this , Harry . You're still in the line . Okay . Yeah . Thanks Hi .

Stefan Schulte: That effect is more than the war effect at the moment. Nothing.

Speaker #6: It's Harry from Deutsche Bank . Thanks for taking some questions . Just one from me on this point on the airlines and the tariff increases in the context of what some of your peers are going through , namely regulatory reviews and maybe even potential declines in tariffs .

Speaker #2: So having said this, there's nothing specific around at the moment. And, you know that on the aviation side, we have a contract in place for four years.

Matthias Zieschang: Okay. Thank you for this. Harry, you're still in the line? Okay. Yeah.

Florian Fuchs: Okay. Thank you for this. Harry, you're still in the line? Okay. Yeah.

Speaker #2: There are another two years, I think, to go if I'm correctly informed by my memory. Another two years, to go. So there's no point to discuss anything.

[Analyst] (Deutsche Bank): Hi. It's Harry from Deutsche Bank. Thanks for taking some questions. Just one from me. On this point on the airlines and the tariff increases, in the context of what some of your peers are going through, namely regulatory reviews and maybe even potential declines in tariffs, what is the assumption that you have in your 2030 EBITDA and FCF numbers? What's the tariff increase that you're projecting beyond 2028? Do you think that's, like you alluded to just now, airlines would be always wanting to pay lesser, but do you think that's going to be a possibility?

Speaker #2: And if I would have to discuss, we lost at least 100,000 passengers because of the strike. That effect is more than the war effect at the moment.

Speaker #6: What is the assumption that you have in your 2030 EBITDA and FCF numbers ? What's the tariff increase that your projecting beyond 2028 ?

Stefan Schulte: That effect is more than the war effect at the moment. Nothing.

Speaker #6: And do you think that's a likely alluded to just now ? Airlines would be always wanting to pay lesser , but do you think that's going to be a possibility

Christoph Nanke: Okay, thank you for this. Harry, you're still in the line? Okay. Yeah.

Speaker #2: So nothing.

Speaker #3: Okay. thank you for this. Harry, you're still in the line? Okay. Yeah.

Graham Hunt: Hi, it's Harry from Deutsche Bank. Thanks for taking some questions. Just one from me. On this point on the airlines and the tariff increases, in the context of what some of your peers are going through, namely regulatory reviews and maybe even potential declines in tariffs, what is the assumption that you have in your 2030 EBITDA and SCF numbers? What's the tariff increase that you're projecting beyond 2028? Do you think that's, like you alluded to just now, airlines would be always wanting to pay lesser, but do you think that's going to be a possibility?

Speaker #4: Thanks. Hi. it's Harry from Deutsche Bank. thanks for, taking some questions. just one from me. On this point on, the airlines and the tariff increases, in the context of what some of your peers are going through, namely regulatory, reviews and maybe even potential declines in tariffs, what is the assumption that you have in your 2030 EBITDA and FCF numbers?

Speaker #1: Thanks for your question . But please understand that I first would like to discuss this with airlines and not with you . So the contract is up to the year 2028 or 2027 .

Stefan Schulte: Thanks for your question, but please understand that I would like to discuss this with the airlines and not with you. The contract is up to the year 2028 or 2027.

Speaker #1: What is eight ? So early enough in 2028 ? We will start that discussion . I will give you then guidance , but not now

Speaker #4: What's the, tariff increase that you're projecting? beyond 2028 and, do you think there's a like you alluded to just now, airlines would be always wanting to pay lesser but, do you think that's going to be, a possibility?

Speaker #4: Okay . Thank you for this . I think Nicolas is still on the line Thank you .

Matthias Zieschang: Yeah.

Stefan Schulte: What is it?

Matthias Zieschang: Eight.

Stefan Schulte: Early enough in 2028, we will start that discussion. We will give you then also a guidance, but not now.

Speaker #7: Nicolas Mora from Morgan Stanley two . Maybe maybe three . Just on coming back on retail , if I understand you correctly , it's it's tough in duty free and so on .

Matthias Zieschang: Okay. Thank you for this. I think Nicolas is still in the line.

Florian Fuchs: Okay. Thank you for this. I think Nicolas is still in the line.

Stefan Schulte: Thanks for your question, but please understand that I would like to discuss this with the airlines and not with you. The contract is up to the year 2028 or 2027.

Nicolas Mora: Thank you. Hi, Nicolas Mora from Morgan Stanley. Two, maybe three. Just on coming back on retail, if I understand you correctly, it's tough in duty-free and so on. Now the biggest upside, especially with T3 in mind, is what? Advertising, it's food and beverage, and it's what? Lounges as well. I mean, are you just giving up on the traditional retail? It's just not working in Frankfurt, or, you know? With an offset on the others or other pillars maybe, or other levers to pull, you know, to make the most of T3. That's the first one. Very quickly on costs. We've been used to a bit of stop and go on those staff numbers.

Speaker #3: Thank you for your question, but please understand that I would first like to discuss this with the airlines and not with you. So, the contract is up to the year 2028 or 2027—which is it?

Speaker #7: So the now the biggest upside , especially with T3 in mind is . So advertising , it's food and beverage and it's what lounges as well .

Christoph Nanke: Yeah.

Stefan Schulte: What is it?

Christoph Nanke: Eight.

Speaker #7: I mean , are you just giving up on on the traditional retail ? It's just not working in Frankfurt Or , you know , and with an offset on the others or other pillars , maybe , or other levers to , to pull in order to make the most of T3 .

Stefan Schulte: 8. Early enough in 2028, we'll start that discussion. We'll give you then also a guidance, but not now.

Speaker #4: '28.

Speaker #3: '28. so early enough in 2028, we will start that discussion. We will give you then also a guidance, but not now.

Christoph Nanke: Okay, thank you for this. I think Nicolas is still in the line.

Speaker #2: Okay, thank you for this. I think Nicolas is still on the line.

Speaker #7: That's the first one . Very quickly on costs We've , we've been used to a bit of stop and go on . No staff numbers .

Nicolas Mora: Hi, Nicolas Mora from Morgan Stanley. Two, maybe three. Just on coming back on retail, if I understand you correctly, it's tough in duty-free and so on. Now the biggest upside, especially with T3 in mind, is what? Advertising, food and beverage, and lounges as well. I mean, are you just giving up on the traditional retail? It's just not working in Frankfurt. Or, you know, with an offset on the others or other pillars, maybe, or other levers to pull, you know, to make the most of T3. That's the first one. Very quickly on costs. We've been used to a bit of stop and go on those staff numbers. I mean, if traffic growth comes back, can you really hold on to a decline in staff numbers?

Speaker #4: Thank you.

Speaker #5: Hi, Nicolas Moore from Morgan Stanley. two, maybe, maybe three. just on coming back on retail, if I understand you correctly, so it's, it's tough in duty-free and so on.

Speaker #7: I mean , if traffic growth comes back , can you really hold on to decline in staff numbers ? I mean , we have not seen any productivity gains being basically being kept by Frankfurt for more than , let's say , 12 months .

Speaker #5: So now the biggest upside, especially with T3 in mind, is what? So, advertising, it's food and beverage, and it's, what, lounges as well.

Nicolas Mora: I mean, if traffic growth comes back, can you really hold on to a decline in staff numbers? I mean, we have not seen any productivity gains, basically being kept by Frankfurt for more than, let's say, 12 months. Thinking about the mid-2010s, where these gains evaporated pretty quickly. What is different now? Why would you be suddenly able to keep the productivity gains or any into 2027, 2028? Last one on traffic. Is there a bull case where Lufthansa and Condor fight it off for years and, you know, boost traffic 3, 4, 5%? I mean, what do you see beyond 2026, which is bound to be a healthy growth year, putting aside geopolitics? What do you see in 2027 onwards?

Speaker #5: I mean, are you just giving up on, on the traditional retail? It's just not working in Frankfurt. or, you know, and with an offset on the others, or other pillars, maybe, or other levers to, to pull, you know, to make the most of T3?

Speaker #7: Thinking about the mid 20 tens , where where these gains evaporated pretty quickly . So what is what is different now and why would you be suddenly able to to keep the productivity gains ?

Speaker #7: So any into 27 , 28 and last one on traffic . Is a bull case where lofty and Condor fight it off for years .

Speaker #5: So that's the first one. Very quickly on costs, we've, we've been used to a bit of stop-and-go on no staff numbers. I mean, if traffic growth comes back, I mean, can you really hold on to, decline in staff numbers?

Speaker #7: And you know , boost traffic three four , 5% . I mean , what what do you see beyond 26 , which is bound to be a healthy growth year ?

Speaker #7: Putting aside geopolitics , what do you see in 27 onwards . How can the platform keep growing at a high pace ?

Nicolas Mora: I mean, we have not seen any productivity gains basically being kept by Frankfurt for more than, let's say, 12 months. Thinking about the mid-2010s, where these gains evaporated pretty quickly. What is different now? You know, why would you be suddenly able to keep the productivity gains or any into 2027, 2028? Last one on traffic. Is there a bull case where Lufthansa and Condor fight it off for years and, you know, boost traffic 3, 4, 5%? What do you see beyond 2026, which is bound to be a healthy growth year, putting aside geopolitics? What do you see in 2027 onwards, and how can the platform keep growing at a relatively high pace?

Speaker #5: I mean, we, we have not seen any productivity gains being basically being kept by Frankfurt for more than, let's say, 12 months. Thinking about the mid-2010s where, where these gains evaporated pretty quickly.

Speaker #1: If may I start . I would like to start with the final question on traffic , because we don't see anything there . Very simple on 2027 onwards you have a market outlook and the market outlook is best .

Nicolas Mora: Now, how can the platform keep growing at a relatively high pace?

Speaker #5: So, what is different now? You know, why would you be suddenly able to keep the productivity gains or any—into 2017, '28?

Stefan Schulte: May I start? I would like to start with the final question on traffic. Because we don't see anything there. Very simple. On 2027 onwards, you have a market outlook, and the market outlook is the best what we have at the moment, and you have some indications from one or the other airline group on their coming in additional aircraft, but not much more. I would take their guidance in between 2.5%. That's the normal growth on the market here in Europe or in western parts of Europe, and that's maybe with some deduction, but around 2.5%. Also, the growth rate I would apply for Frankfurt, around this level. It could be the one year much more.

Speaker #1: What you have at the moment and you have some indications from the one or the other airline group on their coming in . Additional aircrafts , but not much more .

Speaker #5: And last one on traffic: is there a bull case where Lofty and Condor fight it out for years and, you know, boost traffic three, four, five percent?

Speaker #1: So I would take their guidance in between two , 2.5% . That's a normal growth on the market here in Europe or in western parts of Europe .

Speaker #5: I mean, what, what do you see beyond '26, which is bound to be a, a healthy growth year, putting aside geopolitics? what do you see in '27 onwards?

Speaker #1: And that's maybe with some deduction . But around two , two and a half percent should also the growth rate I would apply for Frankfurt around this level .

Speaker #5: You know, how can the platform keep growing at, at a relatively high pace?

Stefan Schulte: If I may start, I would like to start with the final question on traffic because we don't see anything there. Very simple. On 2027 onwards, you have a market outlook, and the market outlook is the best what we have at the moment, and you have some indications from one or the other airline group on their coming in additional aircrafts, but not much more. I would take their guidance in between 2.5%. That's the normal growth on the market here in Europe or in western parts of Europe, and that's maybe with some deduction, but around 2.5% also the growth rate I would apply for Frankfurt, around this level. It could be the one year much more.

Speaker #2: So I may start. I would like to start with the final question on traffic. Because we don't see anything there. Very simple. On 2027 onwards, you have a market outlook and the market outlook is the best what you have at the moment and you have some indications from the one or the other airline group on their coming in additional aircrafts but not mu-much more.

Speaker #1: It could be the one year much more . It could be another year a little bit less . But that's what I would take as an average regarding stuff .

Speaker #1: We are Matthias and I absolutely convinced that the staff numbers will not go up , even with the higher traffic volumes over the next 5 or 10 years .

Stefan Schulte: It could be another year, a little bit less, but that's what I would take as an average. Regarding staff, we are, Matthias and I, absolutely convinced that the staff numbers will not go up even with the higher traffic volumes over the next five or 10 years. Why? Because on the one side, where is the direct relation that especially on ground handling, we are going more and more into the digitalization and AI supportive applications, how we devise the whole ground handling, with systems that we are more productive on that side, camera-based, for example, with better signals, we get centralized information with better turnarounds and so on. That will come in, and that will go against the question of additional traffic, so it will be productivity at the end.

Speaker #1: Why ? Because on the one side , where is the direct relation that especially on ground handling and on ground handling , we are going more and more into the digitalization and AI supportive Yeah .

Speaker #2: So I would take their guidance in between 2 and 2.5%. That's the normal growth on the market here in Europe, or in the Western parts of Europe.

Speaker #2: And that's maybe with some deduction, but around two, two and a half percentage should also the growth rate I would apply for Frankfurt, around this level.

Speaker #1: Applications , how we derive the whole ground handling with systems that we are more productive on that side camera based , for example , with better signals , we get centralized information with better turnarounds and so on .

Stefan Schulte: It could be another year a little bit less, but that's what I would take as an average. Regarding staff, we are, Matthias and I, absolutely convinced that the staff numbers will not go up even with the higher traffic volumes over the next five or 10 years. Why? Because on the one side, we have a direct relation that's especially on ground handling. On ground handling, we are going more and more into the digitalization and AI supportive applications, how we devise the whole ground handling. With systems that we are more productive on that side, camera-based, for example, with better signals, we get centralized information with better turnarounds and so on, and that will come in, and that will go against the question of additional traffic, so it will be productivity at the end.

Speaker #2: It could be the one year much more. It could be another year a little bit less. But that's what I would take as an average.

Speaker #2: Regarding staff, Matthias and I are absolutely convinced that the staff numbers will not go up, even with the higher traffic volumes over the next five or ten years.

Speaker #1: And that will come in and that will go against the question of additional traffic . So it will be productivity at the end Other areas we'll take Florian's area or whatever .

Speaker #2: Why? Because on the one side, where is the direct relation that's especially on ground handling? And on ground handling, we are going more and more into the digitalization and AI-supportive, yeah, applications, how we drive the whole ground handling.

Speaker #1: No , that's productivity also via digitalization , AI . And , and all those things . But no additional growth on that side .

Stefan Schulte: In other areas, let's say Florian's area or whatever, no. That's productivity also via digitization, AI, and then all those things, but no additional growth on that side. On retail, I didn't want to say, sorry for that we don't see any growth on retail or on shop business. Let's say it this way. If you take the non-aviation in general, advertisement, you mentioned parking running really well, food and beverage is great. I just wanted to say that we don't see the big growth on the shop side. We will see an increase, and we mentioned this several times, and you can explore on this more than I, that the move from Terminal 2 to Terminal 3 will give us an addition of roughly 50%.

Speaker #1: On retail . I didn't want to say sorry for that , that we don't see any growth on retail or on shop business .

Speaker #2: with systems that we are more productive on that side come our base, for example, with better signals we get centralized, information with better turnarounds and so on.

Speaker #1: Let's say it this way . So if you take the Non-aviation in general . Advertisement , you mentioned parking running really well . Food and beverage is great .

Speaker #1: I would just wanted to say that we don't see the big growth on the shop side , but we will see an increase and we mentioned this several times and you can explore on this more than I that the move from terminal two to terminal three will give us an addition of roughly 50% , maybe not in the first step , maybe next year , because there will be some some adaptions you have to do some better practices .

Speaker #2: And that will come in and that will go against the question of additional traffic. So it will be productivity at the end. another areas I'll take Florian's area or whatever.

Stefan Schulte: Other areas, let's say Florian's area or whatever, no. That's productivity also via digitalization, AI, and then all those things, but no additional growth on that side. On retail, I didn't want to say, sorry for that we don't see any growth on retail or on shop business, let's say it this way. If you take the non-aviation in general, advertisement, you mentioned parking running really well. Food and beverage is great. I would just wanted to say that we don't see the big growth on the shop side, but we will see an increase, and we mentioned this several times, and you can explore on this more than I, that the move from terminal 2 to terminal 3 will give us an addition of roughly 50%.

Speaker #2: No. That's productivity also via digitalization, AI, and then all those things but no additional growth on that side. On retail, I didn't want to say sorry for that, that we don't see any growth on retail or on shop business.

Speaker #1: You have to bring in one . I mentioned before , or we have to find pillars or another solution . We have to see .

Stefan Schulte: Maybe not in the first step, maybe next year, because there will be some adaptations you have to do, some better practices you have to bring in. One I mentioned before, we have to find pillars or another solution. We have to see. I would like to get it in before we open it up on 23 April, but I'm not sure at the moment whether it's realistic or not. We will make experience there what we can improve. That's absolutely clear.

Speaker #2: Let's say it this way: so if you take the non-aviation in general—advertisement, you mentioned parking running really well, food and beverage is great.

Speaker #1: I would like to get it in before we open it up on 23rd of April , but I'm not sure at the moment whether it is realistic or not .

Speaker #1: So that we have , but we will make experience there . What we can improve . Absolutely clear .

Speaker #2: I just wanted to say that we don't see big growth on the shop side. But we will see an increase, and we have mentioned this several times—and you can explore this more than I can—that the move from Terminal 2 to Terminal 3 will give us an addition of roughly 50%.

Speaker #4: Perhaps in in addition to this , was Chevron said . So we when you look on T3 , you have to see where are the passengers coming from ?

Speaker #4: And we are in the first step in summer . Now we are relocating about 10 million passengers from terminal two into terminal three .

Stefan Schulte: Maybe not in the first step, maybe next year, because there will be some adaptations we have to do, some better practices we have to bring in. One I mentioned before, we have to find pillars or another solution we have to see. I would like to get it in before we open it up on 23 April, but I'm not sure at the moment whether it is realistic or not. But we will make experience there what we can improve. That's absolutely clear.

Speaker #2: Maybe not in the first step, maybe next year. Because there will be some adaptations we have to do, some better practice we have to bring in.

Matthias Zieschang: Perhaps in addition to this, what Trevor said. We, when you look on T3, you have to see where are the passengers coming from. In the first step in summer now, we are reallocating about 10 million passengers from terminal 2 into terminal 3. Of course, not a full year effect in this year. In summer next year, we have a second step on the volume side. In a way that up to 6 million Condor passengers are removed from terminal 1 to terminal 3. We are talking about 16 million passengers roughly, in 2027 in terminal 3. We have more passengers than in the past in terminal 3 in a better situation, a better retail area.

Speaker #4: Of course , not a full year effect in this year . And in summer next year , we have a second step on the volume side .

Speaker #2: One, I mentioned before, we have to find pillars or another solution. We have to see I would like to get it in before we open it up on 23rd of April, but I'm not sure at the moment whether it's realistic or not.

Speaker #4: So in a way that up to 6 million condo passengers are removed from terminal one to terminal three . So we are talking about 16 million passengers , roughly in 27 internal three .

Speaker #2: So, that we have but we will make experience there what we can improve. That's absolutely clear.

Matthias Zieschang: Perhaps, in addition to this, what Stefan said. We, when you look on T3, you have to see where the passengers are coming from. We are in the first step in summer now, we are reallocating about 10 million passengers from Terminal 2 into Terminal 3. Of course, not a full year effect in this year. In summer next year, we have a second step on the volume side. In a way that up to 6 million Condor passengers are removed from Terminal 1 to Terminal 3. We are talking about 16 million passengers roughly, in 2027 in Terminal 3. We have more passengers than in the past in Terminal 3 in a better situation, a better retail area.

Speaker #4: So we have more passengers than in the past in terminal three in a in a better situation , a better retail area . And that's the reason why our internal assumption is in in full year uplift of about 50% .

Speaker #3: Yeah. Perhaps in addition to this, as Chevron said, 'So we, when you look on passengers coming from...' And we are in the first step, in summer now, we are reallocating about 10 million passengers from Terminal 2 into Terminal 3.

Speaker #4: Regarding the spend per packs . And this is then full year effect times 16 million and not 10 million in a like for like basis .

Speaker #3: Of course, not a full year effect in this year. And, and, in summer next year, we have a second step on the volume side.

Matthias Zieschang: That's the reason why our internal assumption is a full-year uplift of about 50% regarding the spend of pax. This is then a full-year effect times 16 million and not 10 million on a like-for-like basis, removing today's Terminal 2 passengers into T3.

Speaker #4: Removing the today's terminal two passengers into Okay . Are there any further questions here in the audience before we open up to those who joined remotely ?

Speaker #3: So in a way that up to 6 million Condor passengers are removed from Terminal 1 to Terminal 3. So we are talking about 16 million passengers roughly.

Speaker #3: in 2027 in Terminal 3. So we have more passengers than in the past in, in Terminal 3 in a in a better situation, a better retail area.

Speaker #4: That's not the case . We'd like to unmute Ashish line and we kindly remind everyone who is joining us remotely to please use raise the hand button if you want to raise a question .

Florian: Okay. Are there any further questions here in the audience before we open up to those who joined remotely? That's not the case. We'd like to unmute Ashish's line, and we kindly remind everyone who is joining us remotely to please use raise hand button if you want to raise a question. Ashish, please go ahead. Just a second.

Florian Fuchs: Okay. Are there any further questions here in the audience before we open up to those who joined remotely? That's not the case. We'd like to unmute Ashish's line, and we kindly remind everyone who is joining us remotely to please use raise hand button if you want to raise a question. Ashish, please go ahead. Just a second.

Matthias Zieschang: That's the reason why our internal assumption is an full year uplift of about 50% regarding the spend per pax. This is then full year effect times 16 million and not 10 million in a like for like basis, removing the today's terminal two passengers into T3.

Speaker #3: And that's the reason why our internal assumption is an, an, an, an, an full year uplift of about 50% regarding suspend per packs. And this is then full year effect times 16 million and not 10 million in a in a like-for-like basis removing the today's Terminal 2 passengers into T3.

Speaker #4: So Ashish , please go ahead Just a second . We still . Hello , everyone . Yes , we can hear . Can you hear me now ?

Speaker #4: Yeah , yeah . Hello everyone . This is Ashish from Citigroup . Thanks for giving me an opportunity . Most of my questions have already been answered .

Speaker #4: So I just have one query . When do you plan to start the negotiation for next phase of tariff increase ? Will it also be a multi year contract like 3 to 4 years ?

Christoph Nanke: Okay. Are there any further questions here in the audience before we open up to those who joined remotely? That's not the case. We'd like to unmute Ashish's line, and we kindly remind everyone who is joining us remotely to please use raise hand button if you want to raise a question. Ashish, please go ahead. Just a second. We are still working.

[Analyst] (Citigroup): Hello, everyone.

Florian: Yes, we can hear you.

Florian Fuchs: Yes, we can hear you.

[Analyst] (Citigroup): Yeah. Can you hear me now? Yeah. Yeah. Hello, everyone. This is Ashish from Citigroup. Thanks for giving me an opportunity. Most of my questions have already been answered, so I just have one query. When do you plan to start the negotiation for next phase of tariff increase? Will it also be a multi-year contract, like 3 to 4 years as we've seen in the past? Just wanted to check.

Speaker #4: Okay. Are there any further questions here in the audience before we open up, to those who joined remotely? That's not the case. we'd like to unmute Ashish's line and we kindly remind everyone who is joining us remotely to please use raise the hand, button if you want to raise a question.

Speaker #4: As we've seen in the past Just wanted to check Yeah .

Speaker #1: We'll start the discussion for sure . Beginning of 2028 . Whether it's a full year contract , a four year contract , versus three years versus five years , much too early .

Speaker #4: So Ashish, please go ahead. Just a second. We're still working. Yes. We can hear you. Yeah. Yeah. Hello, everyone. This is Ashish from Citigro.

Speaker #1: We'll see . It depends on the negotiations . Then .

Stefan Schulte: We'll start that discussion for sure beginning of 2028, whether it's a full year contract, a 4-year contract, whether it's 3 years, whether it's 5 years, much too early. We'll see. It depends on the negotiations then.

[Analyst] (Citigroup): Hello, everyone.

Christoph Nanke: Yes, we can hear you.

[Analyst] (Citigroup): Yeah. Can you hear me now? Yeah. Hello, everyone. This is Ashish from Citigroup. Thanks for giving me an opportunity. Most of my questions have already been answered, so I just have one query. When do you plan to start the negotiation for next phase of tariff increase? Will it also be a multi-year contract, like 3 to 4 years as we've seen in the past? Just wanted to check.

Speaker #4: Okay . Thanks .

Speaker #1: So I'm not any longer in charge at that time . But Mathias is still in charge . But I can tell you , we all are always in favor .

Speaker #4: thanks for giving me an opportunity. Most of my questions have already been answered. So I just have one query. when do you plan to start the negotiation for next phase of tariff increase?

Speaker #1: If we can agree on a long term . But it must make sense

[Analyst] (Citigroup): Okay, thanks.

Stefan Schulte: I'm not any longer in charge at that time, but Matthias is still in charge. I can tell you, we all are always in favor if we can agree on a long term, but it must make sense.

Speaker #4: Will it also be a multi-year contract, like three to four years as we've seen in the past? Just wanted to check that.

Speaker #4: Okay , so , yeah , thank you very much , Ashish , for the question . Coming in remotely Anyone else from the audience that wants to raise a question Elodie .

Speaker #2: I just look at the data. Yeah. We'll start that discussion for sure beginning of, 2028 whether it's a full year contract, a four-year contract, whether it's three years, whether it's five years, much too early.

Speaker #4: Maybe one follow up and then Andrew

Florian: Okay. Yeah. Thank you very much, Ashish, for the question, coming in remotely. Anyone else from the audience that wants to raise a question? Élodie, maybe one follow-up, and then Andrew Lobbenberg.

Florian Fuchs: Okay. Yeah. Thank you very much, Ashish, for the question, coming in remotely. Anyone else from the audience that wants to raise a question? Élodie, maybe one follow-up, and then Andrew Lobbenberg.

Speaker #8: Maybe as you mentioned , that you might not be there at the time . Could you give us a bit of color about management succession , how you see that going ?

Speaker #2: We'll see. It depends on the negotiations then.

[Analyst] (Citigroup): Okay, thanks.

Stefan Schulte: I'm not any longer in charge at that time, but Matthias is still in charge. I can tell you we all are always in favor if we can agree on a long term, but it must make sense.

Speaker #4: Okay. Thanks.

Speaker #2: So I'm not any longer in charge at that time, but Matthias is still in charge. But I can tell you we all are always in favor if we can agree on a long-term but it must make sense.

Speaker #8: The steps . What do you think Anything you can share with us would be interesting .

Cristian Nedelcu: Maybe as you mentioned that you might not be there at the time, could you give us a bit of color about management succession, how you see that going, the steps, and what you think? Anything you can share with us would be interesting.

Elodie Rall: Maybe as you mentioned that you might not be there at the time, could you give us a bit of color about management succession, how you see that going, the steps, and what you think? Anything you can share with us would be interesting.

Speaker #1: I can give you as much of color or as much . I have . I will step down . End of August next year That's absolutely fixed and that's very good because I'm too long with this company and working too long and whatever they need .

Christoph Nanke: Okay. Yeah. Thank you very much, Ashish, for the question, coming in remotely. Anyone else from the audience that wants to raise a question? Elodie, maybe one follow-up, and then Andrew.

Speaker #4: Okay. So yeah. Thank you very much, Ashish, for the question, coming in remotely. Anyone else, from the audience that wants to raise a question?

Stefan Schulte: can give as much color as I have. I will step down end of August next year. That's absolutely fixed, and that's very good because I'm too long with this company and working too long and whatever. No, they need a new CEO. That's absolutely right. That's very positive. End of next year, end of August next year, my contract is ending, and I will not prolong it. To give you color, the subgroup of the supervisory board discussed already a first version of a profile for my successor. I would assume that mid of this year we'll start the search externally. More I can't give you now, but I hope that up to year-end somebody is signing the contract, and I would assume yes.

Speaker #1: You see you . It's absolutely right . That's very positive . So end of next year , end of August , next year , my contract is ending and I will not prolongate it to give you the subgroup of the supervisory board discussed already .

Speaker #4: Elodie, maybe one follow-up, and then Andrew.

[Analyst 1]: Maybe as you mentioned that you might not be there at the time, could you give us a bit of color about management succession, how you see that going, the steps, what you think? Anything you can share with us would be interesting.

Speaker #6: Maybe as you mentioned that you might not be there, at the time, could you give us a bit of color about management succession, how you see that going, the steps, what you think anything you can share with us would be interesting.

Speaker #1: The first version of the profile for my successor . I would assume that mid of this year will start start the search externally more .

Stefan Schulte: can give as much color as I have. I will step down end of August next year. That's absolutely fixed, and that's very good because I'm too long with this company and working too long and whatever. No, they need a new CEO. That's absolutely right. That's very positive. End of next year, end of August next year, my contract is ending, and I will not prolong it. To give you color, the subgroup of the supervisory board discussed already a first version of a profile for my successor. I would assume that mid of this year, we'll start the search externally. More I can't give you now, but I hope that up to year-end, somebody is signing the contract, and I would assume yes.

Speaker #2: I can give, much of color or as much I have. I will step down end of August next year. That's absolutely fixed. And that's very good because I'm too long with this company and working too long and whatever.

Speaker #1: I can't give you now , but I hope that up to year end somebody is signing the contract and I would assume yes

Speaker #4: Okay . Thank you for this , Stefan . Andrew . One follow up maybe . And then

Speaker #2: No, they need a UCU, and that's absolutely right. That's very positive. So end of next year, end of August next year, my contract is ending, and I will not prolongate it.

Speaker #9: How optimistic are you that the German government will bring some more support to the aviation industry after making the cut in the aviation tax ?

Florian: Okay, thank you for this, Stefan. Andrew, one follow-up maybe and then.

Florian Fuchs: Okay, thank you for this, Stefan. Andrew, one follow-up maybe and then.

Speaker #2: to give you color, the subgroup of the supervisory board discussed already a first version of a profile for my successor. I would assume that mid of this year we'll start, start the search.

Speaker #9: I think there's still some hope from the airlines and indeed from the ADB for that . You get some support for either security costs or reductions to air traffic control , or maybe elsewhere .

Andrew Lobbenberg: How optimistic are you that the German government will bring some more support to the aviation industry after making the cut in the aviation tax? I think there's still some hope from the airlines and indeed from the BDL that you get some support for either security costs or reductions to air traffic control or maybe elsewhere. Do you think there is more support for aviation from the government?

Speaker #9: But do you think there is more , more support for aviation from the government

Speaker #2: Externally. More I can't give you now, but I hope that up to year-end, somebody is signing the contract and I would assume yes.

Speaker #1: We are working for that on a more or less day to day work all together in the industry , because we know how important it is , and we know that even with this one first step , we are still regulatory costs in Germany , which are much higher than in other countries .

Christoph Nanke: Okay. Thank you for this, Stefan. Andrew, one follow-up maybe and then...

Speaker #4: Okay, thank you for this, Stefan. Andrew, one follow-up maybe, and then?

[Analyst 2]: How optimistic are you that the German government will bring some more support to the aviation industry after making the cut in the aviation tax? I think there's still some hope from the airlines and indeed from the ADV that you get some support for either security costs or reductions to air traffic control or maybe elsewhere. Do you think there is more support for aviation from the government?

Stefan Schulte: We are working for that on a more or less day-to-day work all together in the industry because we know how important it is and we know that even with this one first step, we are still regulatory costs in Germany which are much higher than in other countries. The government understood that they really could do something positive for the economy if they give a push on that side and it costs them really not much. I'm somewhere optimistic with this government that over the next, what do they have? Another three years, there will be a second step, but we have to work for this. It's not granted.

Speaker #5: how optimistic are you that the German government will bring some more support to the aviation industry after making the cut in the aviation tax?

Speaker #1: And the government understood that the really could do something positive for the economy if they give a push that side and it costs them really not much .

Speaker #5: I think there's still some hope from the airlines and indeed from the ADFAO that you get some support for either security costs or in or reductions to air traffic control or maybe elsewhere.

Speaker #1: So I'm somewhat optimistic with this government that over the next what do they have another three years ? There will be a second step .

Speaker #5: But do you think there is more support for aviation from the government?

Speaker #1: But we have to work for this . It's not granted

Stefan Schulte: We are working for that. More or less day-to-day work all together in the industry because we know how important it is, and we know that even with this one first step, we still have regulatory costs in Germany, which are much higher than in other countries. The government understood that they really could do something positive for the economy if they give a push on that side and it costs them really not that much. I'm somewhat optimistic with this government that over the next, what do they have? Another three years, there will be a second step, but we have to work for this. It's not granted.

Speaker #2: We are working for that on a more or less day-to-day work altogether in the industry because, we know how important it is and we know that even with this one first step, we are still regulatory costs in Germany which are much higher than in other countries.

Speaker #4: Okay . Yeah . Thank you . Everyone . Unless there are no further questions , we'd like to conclude the Q&A session right now .

Speaker #4: Thank you everyone for the good questions . We look forward to seeing you guys and girls on the road soon . And yeah , thank you .

Florian: Okay. Yeah. Thank you, everyone. Unless there are no further questions, we'd like to conclude the Q&A session right now. Thank you everyone for the good questions. We look forward to seeing you guys and girls on the road, soon. Yeah, thank you also Stefan and Matthias for the answers. Thanks a lot and see you soon.

Florian Fuchs: Okay. Yeah. Thank you, everyone. Unless there are no further questions, we'd like to conclude the Q&A session right now. Thank you everyone for the good questions. We look forward to seeing you guys and girls on the road, soon. Yeah, thank you also Stefan and Matthias for the answers. Thanks a lot and see you soon.

Speaker #4: All . So Stefan and Matthias for the answers . Thanks a lot and see you soon .

Speaker #2: And the government understood that they really could do something positive for the economy if they give a push on that side and it costs them really not much.

Speaker #2: so I'm somewhat optimistic with this government that over the next, what do they have, another three years, there will be a second step, but we have to work for this.

Stefan Schulte: Thank you very much.

Speaker #2: It's not granted.

Christoph Nanke: Okay. Yeah. Thank you, everyone. Unless there are no further questions, we'd like to conclude the Q&A session right now. Thank you everyone for the good questions. We look forward to seeing you guys and girls on the road, soon. Yeah, thank you also Stefan and Matthias for the answers. Thanks a lot, and see you soon.

Speaker #4: Okay. Yeah. Thank you. everyone, unless there are no further questions, we'd like to conclude the Q&A session right now. Thank you, everyone, for the good questions.

Speaker #4: We look forward to seeing you guys and girls on the road, soon. And yeah, thank you also, Stefan and Matthias, for the answers. Thanks a lot.

Stefan Schulte: Thank you very much.

Speaker #4: And see you soon.

Matthias Zieschang: Thank you.

Speaker #2: Thank you very much.

Operator: Thank you.

Q4 2025 Fraport Frankfurt Airport Services Worldwide AG Earnings Call

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