Q2 2026 Fraport Frankfurt Airport Services Worldwide AG Earnings Call - Q&A

August 6, 2026

Operator: Good day. Welcome to the Fraport Q2 2026 question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference call is being recorded. I would now like to hand over to Florian Fuchs, SVP Head of Finance and IR. Please go ahead.

Operator: Good day. Welcome to the Fraport Q2 2026 question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference call is being recorded. I would now like to hand over to Florian Fuchs, SVP Head of Finance and IR. Please go ahead.

Speaker #1: over to Florian Fuchs, SVP Head of Finance and IR. Please go ahead.

Florian Fuchs: Yes. Hello everybody. Welcome to Frankfurt to our Q2 question and answer session. The presentation got released this morning at 7:00 AM CET and is available on the web. Right now, as said before, we will have the question and answer session. With me at the table, we got Dr. Matthias Zieschang, our CFO, and keeping with the previous quarters and previous releases, please do keep our cautionary language in mind when it comes to forward-looking statements. Having said this, we'd like to hand over back to the operator to start with the Q&A session now.

Speaker #2: our 2Q question and answer session. The presentation got released this morning at 7:00 AM CET, and is available on the web. And right now, as said before, we do have the question and answer session.

Speaker #2: at the table, we got Dr. Matthias Zischang, our CFO, and keeping with the previous quarters and previous releases, please do keep our cautionary language in mind when it comes to forward-looking statements.

Speaker #2: we'd like to hand over back to the Having said this, operator to start with the Q&A session now.

Operator: Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We will now take our first question. From the line of Carlos Caburrasi from Kepler Cheuvreux. Please go ahead.

Carlos Caburrasi: Okay. Thank you. Hi, Matthias. Hi, Florian.

Matthias Zieschang: Hello

Carlos Caburrasi: taking my questions. I'll go ahead with just two questions on my side. First, I wanted to focus on the financial results. In Q2, the net financial expense figure, and here excluding joint ventures, was around EUR 100 million. Should we expect this same level in the coming quarters, or has this been any kind of one-off? Second, I was wondering if you could provide some visibility on CapEx. The reduction appears to be progressing a bit more slowly than anticipated. How confident are you in reaching the EUR 900 million full-year target? Thank you.

Matthias Zieschang: Starting with the last topic, CapEx, we are absolutely confident to end up with EUR 900 million. You mentioned the run rate in H1, which is in comparison to further years, a little bit higher, but this has to do that on one side, now we are closing all open contracts regarding Terminal 3. This is a ramp down during the year. Second, we had some refurbishment works at our runway, on the southern runway in our parallel system. Here we had a good outflow for this refurbishment, and that's the reason why in H1, CapEx has been relatively high, but this will be fully compensated as planned in H2, so that we are absolutely confident to end up with a total CapEx number of EUR 900 million. First part was regarding?

Carlos Caburrasi: The interest result Q2.

Matthias Zieschang: Interest result.

Carlos Caburrasi: Explaining this full, yeah.

Matthias Zieschang: Yeah. You have to see that underlying, we have the expenses for our total indebtedness, the average rate of interest for the total debt, there will be no change, perhaps during the year, an increase from 3.4% to 3.6% at the end of the year. This is a minimal increase on one side. On the other side, we have this special effect that we cannot any longer capitalize interest expenses for the construction expenses regarding terminal 3. This was a step up. Now we have a new balanced level for the next couple of quarters.

Carlos Caburrasi: Okay. Thank you.

Operator: Thank you. We will now take the next question from the line of Tobias Fromme from Bernstein. Please go ahead.

From the line of to beers from from Bernstein. Please go ahead.

Tobias Fromme: Hello. Thanks very much for taking my question. I had one on retail. Shopping and services spend per pax dropped by 6% in Q2 and by 4% in Q1, while advertising per pax increased by 25% in Q1 and by another 5% in Q2. I was just wondering, when should we expect the inflection point for the shopping and services spend per pax to grow again? Is that with the return of the Middle Eastern travelers or a change in exchange rates? What do you expect over the next two quarters? Lastly, how resilient is the increase in advertisement per pax? Thank you.

Hello. Thanks very much for taking my question. I had 1 on retail

Shopping and stuff. Spend per pax dropped by 6% in Q2 and by 4% in Q1, while advertising per pax increased by 25% in Q1 and by another 5% in Q2. I was just wondering, when should we expect the inflection point for...

Um, the shopping and Services Center packs to grow again, is that with the return of the Middle Eastern Travelers or a change in exchange rates?

Matthias Zieschang: First of all, spend per pax, you mentioned already the elements working in favor of us or working against us. On one side, we had the positive impact from terminal 3, where as of today, the increase is about 30% spend per pax. Of course, especially driven also by an increase of advertisement proceeds. On the other side, we had a significant loss of Middle East passengers with deep pockets and also willingness to spend a lot of money. Looking forward, first of all, we see and expect a further improvement of the retail business inside terminal 3 on one side, this will be supported by the coming back of Middle East passengers, so that we are also confident that looking forward, the spend per pax will go up based on these two factors.

Um and what do you expect over the next 2 quarters? And then lastly how resilient is the increase in advertisement per packs? Thank you.

Yeah, first of all, spend the pl. You mentioned already the elements working in favor of us or working against us on 1 side. Uh, we had the positive impact from terms of 3, where, as of today, the the increase is about 30% spent per box.

of course, uh, especially driven also 1 increase of um,

Advertisement. Uh, proceeds on the other side, we had a significant loss of Middle East passengers with Deep Pockets.

And also willingness to spend a lot of money and looking forward. First of all, we see and expect and further Improvement.

uh, of the retail business inside Terminal 3 on 1 side and this will be

Supported by the coming, back of Middle East passengers. So that we are also confident that looking forward to SP Parks will go up.

Based on these 2 factors.

Matthias Zieschang: Regarding sustainability of advertisement, we see a huge demand for billboards, so to say, in terminal 3, and a very good spending behavior of companies or banks. Given an increase in demand, we are looking where we can install further billboards inside this terminal because we have an excess of demand. Based on this, we are convinced that this is a sustainable trend.

And uh, regarding sustainability of advertisement. We see a huge demand for

uh, billboard so to say internal 3,

And uh, a very good spending behavior of of of companies or Banks.

And uh, even an increasing demand. We are looking where we can install further Billboards inside this terminal because we have an excess of demand.

And based on this, we are convinced that this is a sustainable trend.

Tobias Fromme: Great. Thank you.

Operator: Thank you. Our next question comes from the line of Cristian Nedelcu from UBS. Please go ahead.

Great. Thank you.

Thank you.

Our next question.

Comes from the line of Christian NAD. Delu from UBS. Please go ahead.

Cristian Nedelcu: Hi. Thank you very much. Could I please ask first on Frankfurt traffic for the winter? Some of the data on airline seat capacity showing Lufthansa seat capacity in Frankfurt in Q4 down around 7% year over year. I'm not sure if this data is accurate or if you can make any comments on what you're seeing or expecting on your side. Secondly, just on the free cash flow, could we kindly ask you to comment a bit? You've reiterated the guidance on the free cash flow this year. Is there a range we should have in mind, like low triple digits? Is that a EUR 100 to 200 million range or a bit more? Any color at this stage as we are halfway through the year?

Hi, thank you very much. Um, could I please ask first on Frankfort traffic for the winter?

Um, some of the the data on airline seat capacity is showing Lufthansa seat capacity in Frankfurt in Q4 down around 7% year-over-year.

Is this data is is accurate or if you can make any comments on on what you're seeing or expecting on your side.

Um, secondly, um, just on the, on the free cash flow. Um, could, could we kindly ask you to, to comment with you, you've reiterated that the guidance, um, on, on the free cash flow this year? Um, you know, he is there a range. We should have in mind like to load triple digits that are 100 to 200 million range or a bit more.

Cristian Nedelcu: If it's not too much trouble, could you remind us the building blocks next year, the lower CapEx, the Antalya dividend and other building blocks? The last one, if you allow me, there's a bunch of international tenders that we see in the press, at least there is speculation around them. I think in the past you flagged potentially Egypt or Greece regional airports may be something of interest. I don't know if there's any update there, if those projects could still be of interest or if there's any timeline there that we should keep in mind to see progress on those tenders. Thank you.

Or any, any color at this stage? As we are halfway through the year.

And if, if it's not too much trouble, um, could you remind us of the building blocks next year—the lower capex, the Antalya dividend, and other building blocks?

and that the last 1, if, if you allow me

Matthias Zieschang: Thank you for your questions. Starting with your last topic, M&A activities. As you mentioned in the market, it could be that Egyptian airports are coming or these regional airports in Greece. We are going to look at both opportunities, whether they are interesting for us or not. We are doing a deep analysis. After this analysis, then if they are offered, then we have to decide to go or not to go. In principle, we are looking at these airports, and then we have to see whether this could be of interest to us or not. The rest is not relevant for us because we have our balance sheets and we have our key targets, and we have to bring down indebtedness so our firepower is limited.

Um, that does does a bunch of international tenders that that we see in the Press at least speculation around them. Um I don't know if I think in the past few Flags um potentially Egypt or or Greece, Regional airports, maybe something of Interest. I don't know if there's any updates there. If um if those projects could still be of interest or if there's any timeline there that we should keep in mind to to see progress on those uh on those standards. Thank you.

In the market, it could be this attribute: Egyptian airports are coming, or these regional airports in Greece.

So we we we are going to look at at both.

Opportunities, whether they are interesting for us or not.

And we are doing a, a deep analysis. And after this analysis, then

If they are offered, then we have to decide whether to go or not to go. But in principle, we are looking...

at these, um,

Airports. Then we have to see whether this could be of interest to us or or not.

Um, the rest is not relevant for us because we know we have our balance sheet, and we have our clear targets, and we have to bring down indebtedness. So our—

Matthias Zieschang: Regarding free cash flow, the free cash flow development in Q2 was a little bit disappointing. This has to do with temporarily working capital effects, which will level out later on during this year. This was, so to say, up and down like a roller coaster and especially in Q2. We expect the full compensation in the rest of the year. With other words, our metric and our calculation for the free cash flow guidance for this year is robust. The only impact comes from lower traffic at Frankfurt and via lower traffic, we have a little bit of reduced EBITDA expectation and this of course translates also into free cash flow. All the other, what you mentioned, building blocks are stable, are robust, are sustainable.

Fire power is limited. So regarding free cash flow. So the um, free cash flow development in Q2 was a little bit disappointing.

This has to do with temporary working capital.

Affects uh, which will level out later on during this year. So this was for to say up and down like a roller coaster.

And especially in Q2, so we expect the full compensation and the rest of the year. So with other words um, our

Or me and our calculation for the free cash flow.

Um,

guidance for this year is, is the robust. The only impact comes from

Matthias Zieschang: There is no change compared to this what we said at the beginning of the year, except weaker traffic at Frankfurt Airport and therefore a little bit reduced EBITDA expectation. CapEx is, as I mentioned, this year is stable with EUR 900 million and also going one year forward. Next year we always said it's about EUR 700 million, there is no change. Nothing will be different to this what we said in the beginning of the year. Traffic, when you look on our international assets, traffic is very solid. In average is absolutely in line with our planning and also looking forward, we assume that this will continue this positive performance. Frankfurt, we are weaker than expected, and we have on one side, the Lufthansa running flat or even with reduced seat capacities in the market.

Lower traffic at Frankfurt, and why is there lower traffic? We have a little bit of reduced EBITDA expectation. This is, of course, also translated into free cash flow, but all the other building blocks you mentioned are stable, are robust, are sustainable. So there's no change compared to what we said at the beginning of the year, except for the weaker traffic at Frankfurt Airport, and therefore a little bit reduced EBITDA expectation.

Capex is as I mentioned um this is for this year is stable with 900 million and also going 1 year forward next year. We always said is about

700 million, so there's no change. So, nothing is will be different to this, what we said in the beginning of the year,

um,

traffic. When you look on our International assets, traffic is is very solid in average is absolutely absolutely in line with our planning and also looking forward. We

Assume that this will continue this positive performance.

Matthias Zieschang: On the other side, we see Condor delivering what they have guided in the beginning of the year, but of course, due to the size of Condor, this cannot fully compensate the reduction or the weakness of Lufthansa. That for the total year, we again see a number which is on the level of the previous year. More interested is what will happen in 2027. Here we see then from today onward, another delivery of, I think about 10 Dreamliner coming to Frankfurt to Lufthansa and we think that this will increase the seat capacity. Condor is continuing with their growth path. They are, I think we'll see six, is correct? Six additional A330neo.

Frankfurt. We are—we are weaker than expected. Um, and we have on one side, the LCCs are running flat or even with reduced seat capacities in the market; on the other side—

We see Condor delivering what they have guided in the beginning of the year, but of course you due to the size of condo, this cannot fully compensate.

Uh, the reduction or the weakness of of Lufthansa.

So that um, for the total year, we again see um a number which is on the level of the previous year.

More interesting is what will happen in '27 here. We’ll see then.

From today onwards, another delivery of, I think about 10 D, liners coming to Frankfurt to Lufthansa.

And we think that this will increase and the zip capacity of condos continuing with their growth path. Um,

they are, I think will

Florian Fuchs: Yeah, I think they leased right now four new, haven't decided yet how many will come, but also A330 will come to the.

Matthias Zieschang: Four to six long-haul aircraft. Let me say for 2027, this is not a guidance from today because we have to see what will happen in the next couple of months. From today's perspective, we see this number of passengers in 2027, what we saw in the beginning of this year for 2026. Yeah. I think these are the questions or the answers.

See 6. Correct. 6 additional 8330 news? Yeah, I think they they least right now. 4 new. Haven't decided yet how many will come but also a330s will come to the 4 to 6, Long, Haul aircraft and, um, so that

Let me say for 27, this is not a guidance from today, because we have to see what will happen. The next couple of months.

But uh from a today's perspective, we see we see this number of passengers in 27. What do we saw in the beginning of this year for for 26?

Cristian Nedelcu: Thank you very much.

Um yeah, I think this the questions or the answers.

Thank you very much.

Operator: Thank you. Our next question is from the line of Graham Hunt from Jefferies. Please go ahead.

Thank you.

Our next question.

Is from the line of Graeme hunt from Jeffries. Please go ahead.

Graham Hunt: Hi, Matthias. Hi, Florian. Thanks very much for the questions. Maybe just sticking with the free cash flow and CapEx theme. First question, I think you were guiding to around EUR 200 million. I think that had been mentioned at the beginning of the year. Maybe you can just help us with the building blocks. You have the loss of EBITDA that you mentioned, the one-off tax charges. Are you expecting consensus to come down closer to EUR 100 million now? That's question one. Question two, I think you had a soft target of coming below five times net debt to EBITDA by 2027. Do you still see that under current conditions as achievable? I appreciate that it's difficult visibility-wise in the current market, but as it stands today, does that still seem like a reasonable assumption? Last question, just a quick one, I guess, on ground handling.

Free cash flow in CapEx team. Um, I think...

first question, I think you were guiding to around 200 million. I think that had been mentioned at the beginning of the year. Maybe you can just help us with the building blocks. So you have the, um,

Um the then the the loss of ebit Dolla, you mentioned that the 1-off tax charges, are you sort of expecting consensus to come down closer to 100 million. Now,

Um, last question 1, question 2. Just on, um, your I think you had a sort of soft target of coming below 5 times net debt. Eval by 27, do you still see that under current conditions as achievable? Um, appreciate that it's difficult. Visibility wise, um, in the current market but as it stands today, does that still seemed like a reasonable assumption?

um, and then last question, just a quick 1, I guess on, um,

Graham Hunt: Any development there around Lufthansa and the contract? Thank you.

On ground handling any development there uh around Lufthansa and the contract. Thank you.

Matthias Zieschang: Yeah. Thank you for your questions. Building blocks of free cash flow calculation. What is stable? Stable is the number of EUR 900 million regarding CapEx, no change. Also, interest expenses on a net basis, EUR 400 million net result. About EUR 100 million tax cash out. As always, no change. On the other side, we have dividend proceeds primarily from Antalya, fully compensated on the other side by fixed concession payments for our assets in the international portfolio. You can say everything is stable except EBITDA, where we, coming with our guidance, saying up to EUR 1.5 billion internally, we had a clear target to meet the EUR 1.5 billion based on 65 to 66 million passengers at Frankfurt Airport.

Yeah, thank you for your questions. Um, building blocks of free cash flow.

Calculation, what what is stable stable?

Is the number of 900 million regarding capex and no change.

Um, also interest expenses, uh, on a net basis. Um,

400 million. Um,

net result.

Um, 100 about 100 million tax cash out. So as always no change and on the other side,

Uh, we have dividend proceeds primarily from—

Uh, from Antalya fully compensated On The Other Side by 6, Concession payments, for our Assets, in the international portfolio.

Matthias Zieschang: Now, if you would end up with 63, if you would go in the middle of the range, we are going to lose 2.5 million times EUR 15 per passenger. We have, on the aviation side, a loss of EUR 40 million, partly compensated by perhaps a better performance on the international side, but just a partly compensation will let the final EBITDA on a group level will be clearly above previous year EBITDA level, but it will be below EUR 1.5 billion. This difference, let me say, due to the traffic weakness of Frankfurt Airport, is a negative impact at the end of the day of the absolute free cash flow number. You're talking about a double-digit million amount. In other words, all the building blocks what you mentioned are stable compared. This was we guided in the beginning of the year.

So you can say everything is stable except abda where we um coming our guidance and saying up to 1.5 billion internally. We had a clear Target to to meet the 1.5 billion based on 65 to 60 uh 6 million passengers and thank for the airport. Now if you would end up with 63 so we if you would go in the middle of the range, we are going to lose 2 and a half million.

Uh, time 15 Europe passenger. So we have on the aviation side, a lot of 40 million

Uh, partly compensated by perhaps a better performance on the international side, but just a partial compensation. So—

That the final epda on, on a group level will be clearly above previous year FDA level, but it will be below 1.5 billion. So this difference let me say them due to the

Traffic weakness at Frankfurt Airport is a negative impact at the end of the day on the absolute free cash flow number. But it's...

you're talking about a double digit million amount. So with other words, all the building blocks what you mentioned are stable compared this would be guided

Matthias Zieschang: A net debt to EBITDA number. Yeah. It will be around 5x, whether it's 4.9 or 5.1 or 5.2, we have to see at the end of the day. I think we have to see how we end up with the net indebtedness at the end of this year, then going forward on one side, and what will be the final EBITDA guidance for 2027, that's for sure. This depends. I think we will not see any surprise on the international side, a continuation of this very good trend and the performance. Let me say, the question mark in the whole calculation will be traffic recovery at Frankfurt Airport in 2027. You know the metrics, EUR 15 just in aviation plus a little bit coming from retail if we would have more passengers.

Um, in the beginning of the year and that that to MBTA number.

Yeah. Uh, it it will be around 5 times. So whether it's 4.9 or uh, 5 Points, 1 or 5.2, we have to see at the end of the day, I think we have to see how we end up with the net indebtedness at the end of this year and then going forwards on 1 side and what will be the the final FDA guidance for for 27? That's, that's for sure. On this depends, I think we, we don't see any

The price, uh, on the international side, a continuation of these very good.

Uh, Trend and and the performance. And let me say the question mark, and the whole calculation will be

Traffic recovery at Frank for the airport in, in 27. And, you know, the Matrix 15 Euro just in aviation Plus.

Matthias Zieschang: This is the swing influencing EBITDA and via EBITDA, of course, and net debt to EBITDA. Ground handling, nothing new. Our contract is on the table. It's a fair offer. Based on the approach that all our cost items, including cost of capital, must be covered, and it's up to Lufthansa now. Nothing new.

uh, a little bit coming from retail, if you would have more passengers, this is a the swing

influencing EBITDA and VDA, of course, and that, that too.

FDA ground handling—nothing new. Our contract is on the table.

Uh it's a fair it's a fair offer. So we based on the approach. That's all our.

Cost items including cost of capital must be covered.

And um, it's up to now.

Graham Hunt: Thanks. Maybe just very quick follow-up. Just as you mentioned on the net debt, I suppose it was associated with a potential increase in dividend payout. Maybe the question was more, is that still quite a hard limit for you, or it's more of a take into consideration everything in the round?

Nothing new.

Matthias Zieschang: No. Let me say, one thing is absolutely clear, and next year we are paying one euro for this year. This is a given and will not be discussed. The question is one year later on, and this is not exactly hard linked to whether it's 4.95 or 5.07. At the end of the day, we are sitting together in the management team and with the supervisory board and our main shareholders, we are discussing this topic. With other words, it can even be that we are going to kick in the new regime, even if, for example, net debt to EBITDA would be, give a number, 5.1. Thank you.

Thanks maybe just very quick, follow up. Just as you mentioned on the net debt, I suppose it was associated with a potential increase in dividend payout. So maybe the question was more, is that still quite a hard limit for you or is more of a taking into consideration, everything in the round?

No, let me see. One thing is absolutely clear: next year, we are paying one euro for this year. This is a given.

and will not be discussed. As the question is 1 year later on.

And this is not exactly.

Hard link to whether it's 4.95 or 5.07. Yeah, at the end of the day, we are sitting together and the management team. And with the supervisor report and our main shareholders, we are discussing this topic. So with other words, it can even be that we are going to pick in the new

um,

regime, even if, for example, that to every day would be the number 5.1. Yeah.

Graham Hunt: Thank you.

Thank you.

Operator: Thank you. We will now take the next question from the line of Harishankar Ramamoorthy from Deutsche Bank. Please go ahead.

Thank you. We will now take the next question.

From the line of harana morphe from Deutsche Bank, please go ahead.

Harishankar Ramamoorthy: Hi. Good afternoon, everyone. Thanks for taking my questions. Maybe the first one on CapEx. If I look at the cash flows for 6 months so far, I believe you've spent around EUR 650 million. Now, maybe the like-for-like number for the full-year guide is the EUR 900 million plus the EUR 100 million for IFRS and others, so EUR 1 billion. Could you help me understand what is changing in H2 for you to be hitting the EUR 350 million level run rate rather than EUR 650 million for H1? Secondly, maybe on the wage costs in aviation, I think it's around 11% increase. There's not much increase in headcount. What is this increase driven by, given I think the wage inflation is quite low? If there are any one-offs here, how should we think about how personnel costs move into 2027? Thanks.

Yeah. Hi, uh, good afternoon everyone. Uh, thanks for taking my questions. Uh, maybe the first 1 on, um, Apex. If I look at the cash flows for 6 months so far, I believe you've spent around 650 million euros.

Matthias Zieschang: Regarding wage costs, when you look at the percentage, it's high, especially in aviation. Here we have 3 elements which I would like to highlight. We had insofar a one-off that we had to increase provision from bonus payments for the whole management team, which was significant in Q2, so a one-off. Second, we had higher than normal expenses from partial retirement or early retirement. We had some structural effects by the tariff agreement, which is sustainable, of course, because when you look at the average, the tariff agreement was okay, but with insofar a bias that the low-income people are receiving relatively more than the high-income people. Here there was some impact in aviation. The main elements are a one-off again, the provisions for bonus payments on one side, and partial and early retirement on the other side.

Now maybe the like for like number for the full year, guide is the 900 million plus the 100 million for uh, far as some others. So, 1 billion. Um could you help me understand what is changing in H2 uh for you to be hitting? Um the 350 million level run rate rather than 650 million for H1? Um, then secondly, uh, maybe on the wage costs, uh, in aviation. Um, I think it's around 11% increase, uh, but there's not much increase in headcount. So what is this? Uh, increased driven by? Uh, I've given I think the region station is uh quite low. Um and if there are any 1 of us here, uh how should we think about uh how personal costs move into 2027? Uh, thanks.

You know, with regards to wage costs, when you look at the percentage, it's high.

especially in aviation, here we have, um,

3 Elements, which I would like to highlight.

We had, so far, one of those that we had to increase provisions for.

Bonus payments, um, for the whole management team, which were significant in Q2. So one of

um, second, uh, we had higher as normal also expenses for a partial retirement or early retirement.

And we had also some structural effects by the tariff agreement, which is sustainable, of course, because when you look on the average, the tariff agreement was okay, but within so far, our bias is that the low income people are receiving relatively more than the high income people.

And here there was some impact in aviation, but the main elements are 1 of these again, the provisions for bonus payments.

Matthias Zieschang: Looking forward, this is more interesting. We are assuming that this will not continue, this high increase. The relative percentage number adjusted by the pension reimbursement from last year, of course, will come down, so in favor of us. Looking forward into 2027, this is insofar open because we are waiting for the new tariff agreement. We think given this macroeconomic situation in Germany, increasing unemployment rates, etc., no GDP growth at all, we think that this will lead to more modest wage increases compared to the past. With other words, that we will end up with a mid-single-digit increase in 2027/2028. Was there a further question? The first question was on CapEx in H1. CapEx. Again, it was compared to the whole year, it was relatively high. As I mentioned, refurbishment of 1 runway in Frankfurt.

1 side and partial and earlier retirement on the other side looking forward. This is more interesting. Um,

we are assuming that this will not continue these high increase so also the relative percentage number

adjusted by the

Tension reimbursement from last year. Of course, uh, will come down. So in favor of us

And looking forward into 27, this is in so far open because we are waiting for the newer.

because of agreement, but we think given these microeconomic situation in Germany,

Increasing unemployment rates Etc.

No GDP growth at all. We think that this will lead to more modest wage increases compared to the past. With other words that we will end up with a

a middle.

Uh, mixing the digit increase in 27/28.

Was a hole yet was relatively high, as I mentioned, refurbishment of 1 Runway.

Matthias Zieschang: The settlement of open contracts regarding Terminal 3. With other words, looking forward, the CapEx in H2 will be lower. Just to give you could see the increase in the indebtedness in H1. As of today, we have a net debt on the group level of about EUR 8.5 billion as of today. Compared with the net debt from last year, exactly the same date, we are about EUR 100 million higher than last year. Last year, we had the H1 proceeds of more than EUR 100 million driven by the sale of 10% of Delhi Airport, so more income. On the other side, this year, we paid EUR 92 million dividends to our shareholders. Both elements had a negative impact, so to say, of EUR 200 million.

uh, in Frankfort, also the settlement of open

Uh, contracts regarding Terminal 3. So, in other words, looking forward, the capex in HQ will be lower. And just to give you— you could see the increase in the indebtedness in H1.

as of today, we have, um,

Um, we have a net debt on the group level of about 8.5 billion as of today.

And compared with the net debt from last year,

Exactly the same date. We are—

about $100 million higher than last year.

But in last year, we had um, the first half year proceeds of more than 100 million driven by the sale of 10% of daily Airport.

Um so more income uh and on the other side in this year, we paid 92 million dividends to our shareholders.

Matthias Zieschang: Today you see just EUR 100 million difference, and this comes from a total CapEx level, which as of today is accumulated EUR 100 million less than previous year. This will continue, for the rest of the year, you will see another EUR 100 million reduction regarding CapEx compared to previous year. This is one of the main effects generating free cash flow as we predicted in the beginning of the year. Total indebtedness, what we said in the beginning, will be a little bit below EUR 8.2 billion.

So, both elements um, are has a negative impact. So to say of 200 million,

but you see today you see just 100 million difference and this comes from a total capex level which as of today is

cumulated 100 million less than

...previous year, and this will continue. So for the rest of the year, you will see another €100 million reduction regarding capex compared to the previous year, and this is one of the main effects generating free cash flow, as we predicted in the beginning of the year.

And total indebtedness. What we said in the beginning will be a little bit below, uh, 8.2 billion.

Harishankar Ramamoorthy: Thank you.

Matthias Zieschang: With other words, everything is running in the right direction, despite the fact that we had this hiccup in Q2.

Thank you. So, in other words, everything is running in the right direction.

despite the fact that we have this hiccup in,

H in Q2.

Operator: As a reminder, to ask a question, please press star one and one on your telephone. We will now take our next question from the line of Dario Maglione from BNP Paribas. Please go ahead.

As a reminder to ask a question. Please press star 1 and 1 on your telephone.

We will now take our next question. From the line of Dario Milan from BNP pariba. Please go ahead.

Dario Maglione: Hi, thanks for taking my questions. I have three. One on the ground handling contract with Lufthansa. Can you tell us a bit about what alternative Lufthansa have regarding this contract? For instance, I believe they insourced the ground handling in Munich. Could it happen in Frankfurt too? Second question is on terminal 3 retail performance. During the presentations, and the call, you mentioned a 30% increase spend per pax in terminal 3 compared to terminal 2. Why is that good? I think previous guidance or kind of soft guidance was that there will be a 50% improvement. Yes, directionally good, but how do you get to 50? Or what is missing to get to 50? Last question around Lufthansa, as you were mentioning the capacity growth doesn't look great. Why is that? Is it just CityLine or something else going on?

Hi. Thanks for taking my questions. I have 3, uh, 1 on the ground handling contract with Lufthansa.

um,

Can you tell us a bit about what alternative Lufthansa has?

Regarding this contract, for instance, I believe they insourced.

The ground ending in Munich. Um, could it happen in from in Frankfort 2?

Second question on Terminal 3, retail performance. In the presentations and on the call, you mentioned a 30% increase.

and spent the tax in 103, hope to

Why is that good? Um, I think previous guidance or kind of soft guidance, was that there will be a 50% Improvement.

So just directionally good. But how do you get to 15?

Uh, of what is missing to get to 50?

and then last questions around of tanzan has um um, um,

So I mentioned the, the capacity group 2000. Look, great. Uh, why is that um,

Um, you just City Line.

Dario Maglione: Maybe Lufthansa is increasing traffic at other hubs. Yeah, thanks.

Or something else going on? Maybe look down. Say increase in traffic.

Yeah, thanks.

Matthias Zieschang: The first question, what you mentioned is correct. In Munich, they went for an insourcing, as far as we are informed, they took over the employees from Swissport and to do it on their own payroll. In Frankfurt this is not possible because Swissport has a market share of less than 10%. Even if theoretically they would take over all these guys, this is impossible to handle their fleet. It's theoretical, it's possible, in reality, it cannot work. That is the reality. Regarding spend per pax increase, regarding terminal 3, you mentioned the 30% on one side and the 50% guidance. This is not change of the guidance. The explanation is that when we went for 50% guidance, of course, we had in mind the given mix of passengers and sustainable structure.

the first question, um,

What you mentioned? This is correct. In Munich, they went for an insourcing.

So they, as far as we are informed, they took over the employees from Swiss Ground and will do it on their own.

A role. Um, so in Frankfurt, this is not possible because this port has had, uh, has a market share of less than 10%.

So even if theoretically, they would take over,

All these guys, this is impossible to handle their Fleet so it's theoretically, it's possible in reality, it cannot work.

that is gravity, um, in regarding um,

Spend Parks increase regarding Terminal 3. You mentioned the 30% on 1 side.

In the 50% guidance, this is not.

Matthias Zieschang: We had more or less a total loss of Middle East passengers, knowing that their expense behavior is very good. It's clearly significant above average. Now we realized 30% in the beginning, in a soft opening phase without more or less Middle East passengers, and we ended now up with 30%. On the other side, we see the recovery, or we expect the recovery during the year. With other words, with the recovery of these Middle East passengers on one side and further improvements in F&B and fine-tuning in the shops, we are confident to keep to our guidance of 50% higher spend per pax for the passengers in terminal 3. Third question, what was it?

Change of the guidance or the explanation is that when we went for 50% guidance, we of course we had in mind the the given mix of of passengers and uh, sustainable structure. Then we had more or less a total loss of Middle East passengers.

knowing that they are, um,

Expense behavior is very good. It's clearly significantly above average.

And so we now we realize that 30% in the beginning.

Uh, in a soft opening phase without, more or less, Middle East passengers. And we ended now up with 30%. On the other side, we see the recovery, or we expect the recovery, during the year—and, with other words, with the recovery of these...

Middle East passengers on 1 side and further.

Improvements in F&B and fine-tuning in the shops.

We are confident to to, to keep to our guidance of 50.

Dario Maglione: Lufthansa capacities.

Matthias Zieschang: Lufthansa, yeah, as you mentioned, the grounding of Cityline. You can say we had the war in Iran, the exploding of jet fuel prices, reaction of airlines reducing their seat offers on one side, especially with the aircrafts which are not so fuel efficient. The grounding of Cityline, this costs us a lot of seat capacity at Frankfurt Airport, this is a main reason for the weak performance on the Lufthansa side.

Higher Spencer parks for the passengers in terms of 3 year. Third question, what was it looks like? Yeah, as you mentioned the city, the grounding of city lines so you can say we had the war in Iran, then the the exploding of of jet fuel prices,

um,

then reaction of of Airlines reducing their, their seat offers on 1 side, especially with the aircrafts, which are not so fuel. Efficient.

and um,

then the

Grounding of, of City Line. And this costs us a lot of

Lot of uh, heat capacity in Frankfurt airport. And this is the main reason.

Uh, for the week of performance, uh, on the LOO side.

Dario Maglione: Yeah. Thank you, Matthias.

Operator: Thank you. We will now take a next question from the line of Dirk Schlamp from DZ Bank. Please go ahead.

Yes.

Thank you.

We will now take a next question.

From the line of Duke slump, from The Zed Bank, please go ahead.

Dirk Schlamp: Hi, Dirk speaking. Thanks for taking my question. One from my side, you said that international business on average developed broadly as expected. Could you give us a bit more color on that? Which airports are currently showing the biggest deviations from your initial expectations? Thanks.

I do speaking. Thanks for taking my question on from my side. Um, you said that international business on average developed probably as expected. Uh, could you give us a bit more color on that which airports are currently showing? Um, the biggest deviations from your initial expectations?

Thanks.

Matthias Zieschang: Yeah, sure. As always, in the beginning of the year, we have a plan, the day after the plan is not any longer valid. We have assets which are outperforming, we have assets which are underperforming, looking back, we have a proven track record of nearly 20 years. When we, at the end of the year, always look to what we have planned for the segment, international activities and what is the final outcome, can say it's coincidence, in total, we always reached our EBITDA targets as well as passenger targets. Having in mind that always some assets are doing better and other ones underperforming. Now coming to our several assets in the portfolio.

Yeah, sure. It's always, we have in the beginning of the year, we have a plan.

And the day after the plan is not any longer. Well, it's so we have assets, which are outperforming. We are, we have assets, which are underperforming but

Looking back. And we have a proven track record of nearly 20 years and when we at the end of the year, always look to the what we have planned for the segment.

Matthias Zieschang: On the positive side, we have, you can say as always, Greece with month by month more than 5% passenger growth compared to previous year, having in mind that since the pandemic, we had year by year a recovery or a growth, which has been always better than what we expected. Greece is in the past and now always on the positive side. Also Brazil is doing very well. Fortaleza, it's just 1%, Porto Alegre, 10%. Weighted average it's about 5%, which is fine. Ljubljana is doing very well with actually 15% increase. These are the positive drivers. On the negative side, we have Antalya with minus numbers in the beginning of the year because due to the proximity to Iran and the war on one side and very significant increase on the price side and this hotel business, which dampens the demand.

International activities and what is the final outcome and say it's coincidence. You always in total, you always reached our FDA targets as well as gender targets. Having in mind that some always some assets are doing better in other ones under the form. So now coming to to our several Assets in the portfolio, we have on the positive side. We have you can say as always Greece,

with month by month, more than 5% passenger growth compared to previous year, having in mind that since the pandemic we had year by year,

Recovery or a growth, which has been always better than this. What we expected. So Greece is in the past and now, always on the on the positive side.

And also Brazil is doing very well for talissa. It's um just 1% but for 10% so weighted average is also it's about 5% which is fine.

Lubana is doing very well with actually, 15% increase.

uh, so these are the, um,

Uh, the positive drivers on the negative side, we have Antalya.

with minus numbers in the beginning of the year because to you to the proximity to Iran and the war on 1 side and

um, very

significant increase on the price side and these um,

Matthias Zieschang: It's a little bit better that in July the last number is -1%, this is clearly below our expectation. The beginning of the year also, Lima is underperforming passenger wise. On the financial side, we are happy because for the full year, we expect an EBITDA improvement to including the EUR 10 million one-off. We expect an increase of about EUR 30 million based on weak traffic, which is a good increase. I hope I have mentioned all numbers. US market is as planned. It's no surprise, not to the negative and also not to the positive side.

Hotel business, which dampens the demand,

Performing passenger advice on the financial side. We are. We are happy because

for the full year, we expect an FDA Improvement to including the 10 million 1 of

We expect an increase of about 30 million euro.

Based on on weak traffic, which is a good increase. And um,

I hope I have mentioned.

All all numbers and US market is as as planned, it's it's no surprise.

Dirk Schlamp: Okay, thanks.

With not, with the negative and also not to the positive side.

Matthias Zieschang: You're welcome.

Okay, thanks.

Operator: Thank you. As a reminder, to ask a question, please press star one and one on your telephone. That's star one and one to ask a question. There are no further questions at this time. I would now like to turn it back to Florian Fuchs.

Welcome, thank you as a reminder to ask a question. Please press star 1 and 1 on your telephone. That's star 1 and 1 to ask a question.

There are no further questions at this time. I would now like to turn it back to Florian. Fox, Fox.

Florian Fuchs: Yes. Thank you everybody for the good set of questions. Thank you, Matthias for the answers. We look forward right now to be in touch soon, maybe on the road or via the phone or here on site in Frankfurt. With that, we'd like to conclude the question and answer session. Thank you very much and goodbye. Yes. Hello, everybody, and welcome to Frankfurt to our Q2 question and answer session. The presentation got released this morning at 7:00 AM CET and is available on the web. Right now, as said before, we will have the question and answer session. With me at the table, we got Dr. Matthias Zieschang, our CFO, and keeping with the previous quarters and previous releases, please do keep our cautionary language in mind when it comes to forward-looking statements.

Yes. Uh thank you everybody for the good set of questions. Uh thank you Matias for the answers. We look forward right now to be in touch. Soon, may it be on the road or via the phone or here on site in Frankfurt. And with that, we'd like to conclude the question and answer session. Thank you very much and goodbye.

Florian Fuchs: Having said this, we'd like to hand over back to the operator to start with the Q&A session now.

session now,

Operator: Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We will now take our first question from the line of Carlos Caburrasi from Kepler Cheuvreux. Please go ahead.

Thank you as a reminder to ask a question. Please press star 1, 1 on your telephone and wait for your name. To be announced the way through your question. Please press star 1 and 1 again.

We will now take our first question.

From the line of Carlos kapari from Capra. Please go ahead.

Carlos Caburrasi: Okay. Thank you. Hi, Matthias. Hi, Florian. Thank you for-

Matthias Zieschang: Hello

Okay, thank you. Hi Matias. Hi Florian. Thank you for saying hello, and for taking my question. I'll go ahead with just two questions on my side. First, I wanted to focus on the financial results. In Q2, the net...

Financial expense figure and here. Excluding during Ventures was around 100% this same level in the coming quarters or has this been any kind of 1 off?

And second I was wondering if you could provide some visibility on capex. I mean the reduction appears to be progressing a bit more slowly than anticipated. So how confident are you in reaching the 900 million year full year Target? Thank you.

Matthias Zieschang: Starting with the last topic, CapEx, we are absolutely confident to end up with EUR 900 million. You mentioned the run rate in H1, which is in comparison to further years, a little bit higher, but this has to do with that on one side, now we are closing all open contracts regarding Terminal 3. This is a ramp down during the year. Second, we had some refurbishment works at our runway, on the southern runway in our parallel system. Here we had a good outflow for this refurbishment, and that's the reason why in H1, CapEx has been relatively high, but this will be fully compensated as planned in H2. That we are absolutely confident to end up with a total CapEx number of EUR 900 million.

Starting with the last topic, um, capex. We absolutely confident to to end up with 900 million.

to mention the run rate in the first 6 months, which is

In comparison to further years, it's a little bit higher, but this has to do with that on one side. Now, we are closing all open contracts regarding terms and Q3.

So, this is a ramp down during the year.

And second, we had some refurbishment works at our runway on the southern runway in our parallel system.

And here we had a, a good outflow for these refurbishment. And that's the reason why.

In the first 6, months capex has been relatively high, but this is the fully compensated as planned and the second half.

So that we absolutely confident to to end up with a total capex number of 900 million.

Florian Fuchs: The interest results, Q2.

Matthias Zieschang: Interest results.

Florian Fuchs: Actually, I think that's full stop there.

Matthias Zieschang: Yeah. You have to see that underlying we have the expenses for our total indebtedness, the average rate of interest for the total debt, there will be no change perhaps during the year, an increase from 3.4% to 3.6% at the end of the year. This is a minimal increase on one side. On the other side, we had this special effect that we cannot any longer capitalize interest expenses for the construction expenses regarding Terminal 3. This was a step up, and now we have a new balanced level for the next couple of quarters.

Um, first part was regarding the interest result due to, uh, interest results. I think this

Yeah, you have to see that, um,

underlying we have the, um,

Expenses for our total indebtedness. You know the average rate of interest uh,

For the total debt, there will be no change perhaps during the year and increase from 3.4 to 3.6% at the end of the year. This is a minimal increase. Um,

On one side. On the other side, we have this.

A special effect is that we can no longer capitalize interest expenses.

Uh, the construction expenses regarding Terminal 3. So this was a step up.

and uh, now we have a new balance level for the next couple of

quarters.

Florian Fuchs: Okay. Thank you.

Okay, thank you.

Operator: Thank you. We will now take the next question from the line of Tobias Fromme, from Bernstein. Please go ahead.

Thank you.

We will now take the next question.

From the line of to beers from from Bernstein. Please go ahead.

Tobias Fromme: Hello. Thanks very much for taking my question. I had one on retail. Shopping and services spend per pax dropped by 6% in Q2 and by 4% in Q1, while advertising per pax increased by 25% in Q1, and by another 5% in Q2. I was just wondering, when should we expect the inflection point for the shopping and services spend per pax to grow again? Is that with the return of the Middle Eastern travelers or a change in exchange rates? What do you expect over the next two quarters? Lastly, how resilient is the increase in advertisement per pax? Thank you.

Hello. Thanks very much for taking my question. I had 1 on retail

Shopping themselves suspended for packs dropped by 6% in Q2 and by 4% in Q1, while advertising per pack increased by 25% in Q1 and by another 5% in Q2. I was just wondering, when should we expect the inflection points were?

Um, the shopping and services spend per packs to grow again. Is that with the return of the Middle Eastern Travelers or a change in exchange rates?

Matthias Zieschang: First of all, spend per pax, you mentioned already the elements working in favor of us or working against us. On one side, we had the positive impact from Terminal 3, where as of today, the increase is about 30% spend per pax. Of course, especially driven also an increase of advertisement proceeds. On the other side, we had a significant loss of Middle East passengers with deep pockets and also willingness to spend a lot of money. Looking forward, first of all, we see and expect a further improvement of the retail business inside Terminal 3 on one side, and this will be supported by the coming back of Middle East passengers, so that we are also confident that looking forward, the spend per pax will go up based on these two factors.

Um and what do you expect over the next 2 quarters? And then lastly how resilient is the increase in advertisement per packs? Thank you.

Yeah, first of all, spent plugs you mentioned already the elements working in favor of us or working against us on 1 side. Uh, we had the positive Insight from terminal 3, where as of today, the the increase is about 30% spent per per box.

Of course, especially driven also by an increase of, um,

Advertisement. Uh, proceeds on the other side, we had a significant loss of Middle East passengers with Deep Pockets.

Improvement.

uh, of the retail business inside Terminal 3 on 1 side and this will be

Supported by the coming, back of Middle East passengers. So that we are also confident that looking forward to spend Parks will go up.

Based on these 2 factors.

Matthias Zieschang: Regarding sustainability of advertisement, we see a huge demand for billboards, so to say, in Terminal 3 and a very good spending behavior of companies or banks. Even an increase in demand, we are looking where we can install further billboards inside this terminal because we have an excess of demand. Based on this, we are convinced that this is a sustainable trend.

And uh, regarding sustainability of advertisement. We see a huge demand for

uh, billboard so to say in general 3,

And uh, a very good spending behavior of of of companies or Banks.

And, even with increasing demand, we are looking at where we can install further billboards inside this terminal because we have an excess of demand.

And based on this, we are convinced that this is a sustainable trend.

Tobias Fromme: Great. Thank you.

Operator: Thank you. Our next question comes from the line of Cristian Nedelcu from UBS. Please go ahead.

Great. Thank you.

Thank you.

Our next question.

Comes from the line of Christian NAD. Delu from UBS. Please go ahead.

Cristian Nedelcu: Hi. Thank you very much. Could I please ask first on Frankfurt traffic for the winter? Some of the data on airline seat capacity is showing Lufthansa seat capacity in Frankfurt in Q4 down around 7% year-over-year. I am not sure if this data is accurate or if you can make any comments on what you are seeing or expecting on your side. Secondly, just on the free cash flow, could we kindly ask you to comment a bit? You have reiterated the guidance on the free cash flow this year. Is there a range we should have in mind, like low triple digits? Is that a EUR 100 to 200 million range or a bit more or any color at this stage as we are halfway through the year?

Hi, thank you very much. Um, could I please ask first on Frankfort traffic for the winter?

Um, some of the, the data on airline seat capacity, showing Lufthansa seat capacity in Frankfurt in Q4 down around 7% year-over-year.

Is it accurate? Or, if you can, make any comments on what you're seeing or expecting on your side.

Cristian Nedelcu: If not too much trouble, could you remind us the building blocks next year, the lower CapEx, the Antalya dividend, and other building blocks? The last one, if you allow me, there is a bunch of international tenders that we see in the press, at least there is speculation around them. I think in the past you flagged potentially Egypt or Greece regional airports may be something of interest. I do not know if there is any update there, if those projects could still be of interest or if there is any timeline there that we should keep in mind to see progress on those tenders. Thank you.

Um, secondly, um, just on the, on the free cash flow. Um, could, could we kindly ask you to, to comment with you, you've reiterated that the guidance, um, on, on the free cash flow this year? Um, you know, he is there a range we should have in mind like to load. Triple digits, is that a 100 to 200 million range or a bit more or any any color at this stage as we are halfway through the year?

and if, if not so much trouble, um, could you remind us the building blocks next year, the, the lower capex, the the Antalya dividend and other other building blocks

and that the last 1, if, if you allow me

Um, does does does a bunch of international standards that that we see in the Press at least or speculation around them? Um I don't know if I think in the past few Flags um potentially Egypt or or Greece, Regional airports, maybe something of Interest. I don't know if there's any updates there if um if those projects could still be of interest. So if

Matthias Zieschang: Thank you for your questions. Starting with your last topic, M&A activities. As you mentioned in the market, it could be that Egyptian airports are coming or these regional airports in Greece. We are going to look at both opportunities, whether they are interesting for us or not. We are doing a deep analysis, after this analysis, if they are offered, we have to decide to go or not to go. In principle, we are looking These airports, we have to see whether this could be of interest to us or not. The rest is not relevant for us because we have our balance sheets, we have our key targets, we have to bring down indebtedness, our firepower is limited. Regarding free cash flow, the free cash flow development in Q2 was a little bit disappointing.

Is there any timeline that we should keep in mind to see progress on those, uh, on those standards? Thank you.

Yeah, thank you for your questions, starting with your last topic and a activities. We, as you mentioned in the market, it could be that attention airports are coming or these Regional airports in Greece.

So we we we are going to look at at both.

Opportunities, whether they are interesting for us or not.

And we are doing a deep analysis, and after this analysis, then...

If they are offered, then we have to decide whether to go or not to go. But in principle, we are looking.

at these, um,

Airports. And then we have to see whether this could be of interest for us or or not.

Um, the rest is not relevant for us because we know we have our balance sheet and we have our clear targets and we have to bring down indebtedness. So our

Uh, fire power is um, Limited.

Matthias Zieschang: This has to do with temporarily working capital effects, which will level out later on during this year. This was, so to say, up and down like a rollercoaster, especially in Q2. We expect the full compensation in the rest of the year. With other words, our metric and our calculation for the free cash flow, guidance for this year is robust. The only impact comes from lower traffic at Frankfurt. Via lower traffic, we have a little bit of reduced EBITDA expectation, this, of course, translates also into free cash flow. All the other, what you mentioned, building blocks are stable, are robust, are sustainable. There is no change compared to this what we said at the beginning of the year, except the weaker traffic at Frankfurt Airport and therefore a little bit reduced EBITDA expectation.

So regarding free cash flow so the um free cash flow development in Q2 was a little bit disappointing.

This has to do with temporarily rubbing capital.

Effects which will level out later on during this year. So this was thought to say up and down like a roller coaster.

And especially in Q2, so we expect the full compensation in the rest of the year. So, in other words, our...

Our me and our calculation for the free cash flow.

Um, yeah, guidance for this year is is robust. The only impact comes from

Lower traffic at Frankfurt and why are lower traffic? We have a little bit of reduced abda expectation. This of course translates.

Matthias Zieschang: CapEx for this year is stable with EUR 900 million and also going one year forward. Next year, we always said it is about EUR 700 million, there is no change. Nothing will be different with this what we said in the beginning of the year. Traffic, when you look on our international assets, traffic is very solid. In average is absolutely in line with our planning. Also looking forward, we assume that this will continue this positive performance. Frankfurt, we are weaker than expected. We have on one side, Lufthansa are running flat or even with reduced seat capacities in the market. On the other side, we see Condor delivering what they have guided in the beginning of the year. Of course, due to the size of Condor, this cannot fully compensate the reduction or the weakness of Lufthansa.

Is it reduced ability? Um expectation. Um

Topics is as I mentioned um this is for this year is stable with 900 million and also going 1 year forward next year. We always said it's about

700 million, so there's no change. So, nothing is will be different to this, what we said in the beginning of the year,

um,

traffic. When you look on our International assets, traffic is is very solid in average is absolutely absolutely in line with our planning and also looking forward. We

Assume that this will continue this positive performance.

Frankfort. We are, we are weaker than expected. Um, and we have on 1 side, the luans are running flat or even with reduced uh, seat capacities in the market on the other side.

We see Condor delivering what they have guided in the beginning of the year, but, of course, due to the size of Condor, this cannot fully compensate.

Matthias Zieschang: That for the total year, we again see a number which is on the level of the previous year. More interested is what will happen in 2027 here. We see from today onward, another delivery of, I think, about 10 Dreamliner coming to Frankfurt, to Lufthansa. We think that this will increase in the seat capacity. Condor is continuing with their growth path. Is correct? 6 additional A330neo.

Uh, the reduction or the weakness of of luanza so that's um for the total year. We again see a number which is on the level of the previous year.

More interested is what will happen in in 27 here. We see then.

From today, onward. Another delivery of I think about 10 Dreamliners coming to Frankfurt to luanza.

And we think that this will increase and the Sea capacity condo has continuing with their growth path. Um,

they are, I think will

Florian Fuchs: Yeah, I think they leased right now 4 new, haven't decided yet how many will come, also A330 will come too.

Matthias Zieschang: 4 to 6 long-haul aircraft. Let me say for 2027, this is not a guidance from today because we have to see what will happen the next couple of months. From a today's perspective, we see this number of passengers in 2027, what we saw in the beginning of this year for 2026. Yeah. I think these are the questions or the answers.

See, 6 is correct, 6 additional 8330 news? Yeah, I think they they least right now, 4 new 70 yet. How many will come but also a330s will come to the 4, to 6, um, Long Haul aircraft and, um, so that

Let me say for 27, this is not a guidance from today, because we have to see what will happen. The next couple of months.

But uh from a today's perspective, we see we see this number of passengers in 27. What do we saw in the beginning of this year for for 26?

um,

Cristian Nedelcu: Thank you very much.

Yeah, I think this other questions or the answers.

Thank you very much.

Operator: Thank you. Our next question is from the line of Graham Hunt from Jefferies. Please go ahead.

Thank you.

Our next question.

Is from the line of Graeme hunt from Jeffries. Please go ahead.

Graham Hunt: Hi, Matthias. Hi, Florian. Thanks very much for the questions. Maybe just sticking with the free cash flow and CapEx theme. First question, I think you were guiding to around EUR 200 million, I think that had been mentioned at the beginning of the year. Maybe you can just help us with the building blocks. You have the loss of EBITDA that you mentioned, the one-off tax charges. Are you expecting consensus to come down closer to EUR 100 million now? That's question one. Question two, just on your, I think you had a soft target of coming below 5x net debt EBITDA by 2027. Do you still see that under current conditions as achievable? Appreciate that it's difficult visibility-wise in the current market, but as it stands today, does that still seem like a reasonable assumption?

It is, hi Florin. Thanks very much for the questions. Um maybe just sticking with the free cash flow and capex team. Um I think

First question, I think you were guiding to around 200 million. I think that had been mentioned at the beginning of the year. Maybe you can just help us with the building blocks. You have the, um,

Um the then the the loss of ebit Dolla, you mentioned that the 1 off tax charges, are you sort of expecting consensus to come down closer to a 100 million? Now

Graham Hunt: Last question, just a quick one, I guess, on ground handling, any development there around Lufthansa and the contract. Thank you.

um, and then last question, just a quick 1, I guess on, um,

On ground handling any development there uh around Lufthansa and the contract. Thank you.

Matthias Zieschang: Yeah. Thank you for your questions. Building blocks of free cash flow calculation. What is stable? Stable is the number of EUR 900 million regarding CapEx and no change. Also interest expenses, on a net basis, EUR 400 million net results. About EUR 100 million tax cash out. As always, no change. On the other side, we have dividend proceeds primarily from Antalya, fully compensated on the other side by fixed concession payments for our assets in the international portfolio. You can say everything is stable except EBITDA, where we, coming with our guidance, saying up to EUR 1.5 billion internally, we had a clear target to meet the EUR 1.5 billion based on 65 to 66 million passengers at Frankfurt Airport.

Yeah, thank you for your questions. Um, building blocks of free cash flow.

Calculation, what what is stable stable?

Is uh, the number of 900 million regarding capex and no change.

Um, also interest expenses, uh, on a net basis. Um,

400 million. Um,

net result.

Um, 100 about 100 million tax cash out. So as always no change and on the other side uh we have dividend proceeds primarily from

Uh, from Antalya, fully compensated on the other side by six concession payments for our assets in the international portfolio.

Matthias Zieschang: Now, if you would end up with 63 million, if you would go in the middle of the range, we are going to lose 2.5 million, times EUR 15 per passenger. We have, on the aviation side, a loss of EUR 40 million, partly compensated by perhaps a better performance on the international side, but just a party compensation so that the final EBITDA on a group level will be clearly above previous year EBITDA level, but it will be below EUR 1.5 billion. This difference, let me say, due to the traffic weakness of Frankfurt Airport, is a negative impact at the end of the day of the absolute free cash flow number. We are talking about a double-digit million amount. In other words, all the building blocks, what you mentioned, are stable compared. This was guided in the beginning of the year.

Able except abda where we um coming our guys and saying up to 1.5 billion internally. We had a clear Target to to meet the 1.5 billion based on 65 to 60 uh 6 million, passengers and Frank for the airport. Now, if you would end up with 63, so we if you would go in the middle of the range, we are going to lose 2 and a half million.

Uh, times €15 per passenger. So we have, on the aviation side, a loss of €40 million.

Uh, party compensated by a perhaps a better.

performance on the international side but just the party compensation, so that

The the final epda on a group level will be clearly above previous year FDA level, but it will be below 1.5 billion. So, in this difference, let me say them due to the

Traffic weakness of Frankfurt, airport is a negative impact at the end of the day of the absolute free cash flow number. But it's

you're talking about a double digit million amount. So with other words, all the building blocks what you mentioned are stable compared this would be guided

Matthias Zieschang: A net debt to EBITDA number. Yeah. It will be around 5x whether it's 4.9 or 5.1 or 5.2, we have to see at the end of the day. I think we have to see how we end up with the net indebtedness at the end of this year and then going forward on one side and what will be the final EBITDA guidance for 2027, that's for sure. This depends, I think we will not see any surprise on the international side, a continuation of this very good trend and the performance. Let me say, the question mark in the whole calculation will be traffic recovery at Frankfurt Airport in 2027. You know the metrics, EUR 15 just in aviation, plus a little bit coming from retail, if we would have more passengers.

Um, in the beginning of the year and added to MBTA number.

Yeah. Uh it it will be around 5 times. Now whether it's 4.9 or uh 5.1 or 5.2, we have to see at the end of the day, I think we have to see how we end up with the net indebtedness at the end of this year and then going forwards on 1 side and what will be the the final FDA guidance for for 27? That's that's for sure. On this depends I think we we don't see any surprise on the international side. A continuation of this very good.

Uh, trend and the performance. And let me say the question mark, and the whole calculation will be...

Traffic recovery at Frank for the airport in, in 27. And, you know, the Matrix 15 Euro just in aviation Plus.

Matthias Zieschang: This is the swing influencing EBITDA and via EBITDA, of course, and net debt to EBITDA. Ground handling, nothing new. Our contract is on the table. It's a fair offer. We based on the approach that all our cost items, including cost of capital, must be covered and it's up to Lufthansa now. Nothing new.

uh, a little bit coming from retail, if you would have more passengers, this is a the swing

Influencing FDA and why are FDA of course. And that that

To FDA, ground handling, nothing new. Our, our contract is on the table.

Uh it's a fair it's a fair offer. So we based on the approach. That's all our.

Cost items including cost of capital must be covered.

and um, up to now

so, nothing new

Graham Hunt: Thanks. Maybe just very quick follow-up, as you mentioned on the net debt, I suppose it was associated with a potential increase in dividend payout. Maybe the question was more, is that still quite a hard limit for you or it's more of a take into consideration everything in the round?

Matthias Zieschang: No. Let me say, one thing is absolutely clear, next year we are paying EUR 1 for this year. This is a given and will not be discussed. The question is one year later on, and this is not exactly hard linked to whether it's 4.95 or 5.07. At the end of the day, we are sitting together in the management team and with the supervisory board and our main shareholders, we are discussing this topic. With other words, it can even be that we are going to kick in the new regime, even if, for example, net debt to EBITDA would be, give the number 5.1. Yeah.

Thanks maybe just very quick, follow up. Just as you me mentioned on the net debt, I suppose it was associated with a potential increase in dividend payout. So maybe the question was more, is that still quite a hard limit for you or is more of a take into consideration? Everything in the round.

No, let me see is 1 thing is absolutely clear. And in next year, we are paying 1 euro for this year. This is a given

And will not be discussed in the question is 1 year later on.

And this is not exactly.

um,

Regime. Even if, for example, everyday would be if the number 5.1, yeah.

Graham Hunt: Thank you.

Thank you.

Operator: Thank you. We will now take the next question from the line of Hari Shanmugasundaram Moorthy from Deutsche Bank. Please go ahead.

Thank you.

We will now take the next question.

From the line of harana from Deutsche Bank. Please go ahead.

Harishankar Ramamoorthy: Hi. Good afternoon, everyone. Thanks for taking my questions. The first one on CapEx. If I look at the cash flows for H1 so far, believe you've spent around EUR 650 million. The like-for-like number for the full year guide is the EUR 900 million plus the EUR 100 million for IFRS and others, so EUR 1 billion. Could you help me understand what is changing in H2 for you to be hitting the EUR 350 million level run rate rather than EUR 650 million for H1? On the wage costs, in aviation, I think it's around 11% increase, but there's not much increase in headcount. What is this increase driven by, given I think the wage inflation is quite low? If there are any one-offs here, how should we think about how personnel costs move into 2027? Thanks.

Yeah. Hi, uh, good afternoon everyone. Uh, thanks for taking my questions. Um, maybe the first 1 on, um, Apex. If I look at the cash flows for 6 months so far, I believe you've spent around 650 million euros.

Then secondly uh maybe on the wage costs uh in aviation. Um I think it's around 11% increase

Matthias Zieschang: Regarding wage costs, when you look on the percentage, it's high, especially in aviation. Here we have three elements which I would like to highlight. We had so far one-off that we had to increase provision from bonus payments for the whole management team, which was significant in Q2, so one-off. Second, we had higher as normal, also expenses for partial retirement or early retirement. We had also some structural effects by the tariff agreement, which is sustainable, of course, because when you look on the average, the tariff agreement was okay, but with insofar a bias that the low-income people are receiving relatively more than the high-income people. Here there was some impact in aviation, but the main elements are one-off is, again, the provisions for bonus payments one side, and partial and early retirement on the other side.

Uh, but there's not much increase in headcount. So what is this, uh, increased driven by, uh, given I think the wage inflation is uh quite low. Um, and if there are any 1 off here, uh how should we think about uh how personal costs move into 2027? Uh, thanks.

Yeah, I was uh regarding wage costs when you look on the percentage. It's it's high. Especially in aviation, here we have. Um,

3 Elements, which I would like to highlight.

We had, so far, one of those that we had to increase provision for.

Bonus payments, um, for the whole management team, which were significant in Q2. So one of

um,

Second, uh, we had higher as normal.

Also, expenses for a partial retirement or early retirement.

And we had also some structural Effects by the terrorists agreement, which is sustainable, of course because when you look on the average, uh, the the Tariff agreement was okay, but within so far, our bias that the the low income people are receiving relatively more than the high income people.

And here there was some impact in aviation, but the main elements are 1 of this again, the provisions for bonus payments.

Matthias Zieschang: Looking forward, this is more interesting. We are assuming that this will not continue, this high increase. The relative percentage number adjusted by the pension reimbursement from last year, of course, will come down, so in favor of us. Looking forward into 2027, this is insofar open because we are waiting for the newer tariff agreement. We think given this macroeconomic situation in Germany, increasing unemployment rates, et cetera, no GDP growth at all, we think that this will lead to more modest wage increases compared to the past. With other words, that we will end up with a mid-single digit increase in 2027/2028. Were there further question? The first question was on CapEx in H1. CapEx. Again, it was compared to the whole year, it was relatively high.

1 side and partial and earlier retirement on the other side looking forward. This is more interesting. Um,

We are assuming that this will not continue. These high increases also affect the relative percentage numbers.

adjusted by the

Tension reimbursement from last year. Of course, uh, will come down. So in favor of us

And looking forward into '27, this is insofar open because we are waiting for the newer cast of agreement. But we think, given the microeconomic situation in Germany,

Increasing unemployment rates Etc.

No GDP growth at all. We think that this will lead to more modest wage increases compared to the

past with other words that we will end up with a

a middle.

Uh, with single digit increase in 27/28.

Matthias Zieschang: As I mentioned, refurbishment of one runway in Frankfurt, also the settlement of open contracts regarding Terminal 3. With other words, looking forward, the CapEx in H2 will be lower. Just to give you could see the increase in the indebtedness in H1. As of today, we have a net debt on the group level of about EUR 8.5 billion as of today. Compared with the net debt from last year, exact the same date, we are about EUR 100 million higher than last year. In last year, we had the H1 proceeds of more than EUR 100 million driven by the sale of 10% of Delhi Airport, so more income. On the other side, in this year, we paid EUR 92 million dividends to our shareholders. Both elements had a negative impact, so to say, of EUR -200 million.

Um what a further question. The first question was on capex and H1. Yeah, again it was compared to the hole, it was relatively high. As I mentioned, refurbishment of 1, Runway, uh in Frankfort, also the settlement of open

Uh contracts regarding Terminal 3. So with other words looking forward, the capex in in H2 will be lower in just to give you. You could see the increase in the indebtedness in in H1.

As of today, we have, um,

Um, we have a net debt at the group level of about €8.5 billion as of today.

And compared with the net debt from last year,

Exact the same date. We are

About $100 million higher than last year.

But in last year, we had um, the first half year proceeds of more than 100 million driven by the sale of 10% of daily Airport.

Um so more income uh and and the other side in this year we paid 92 million dividends to our shareholders.

Matthias Zieschang: Today you see just EUR 100 million difference, and this comes from a total CapEx level, which as of today is accumulated EUR 100 million less than previous year. This will continue. For the rest of the year, you will see another EUR 100 million reduction regarding CapEx compared to previous year. This is one of the main effects generating free cash flow as we predicted in the beginning of the year. Total indebtedness, what we said at the beginning, will be a little bit below EUR 8.2 billion. Thank you. With other words, everything is running in the right direction despite the fact that we had this hiccup in Q2.

So both elements um, are had a negative impact. So to say of 200 million,

but you see today, you see just 100 million difference and this comes from

a total capex level, which as of today is

cumulated 100 million less than

previous year and this will continue. So, for the rest of the year you will see another 100 million reduction

Uh, regarding CapEx compared to previous year, this is one of the main effects generating free cash flow, as we predicted at the beginning of the year.

Will be a little bit below, uh, 8.21 billion.

Thank you.

So with other words, everything is running in the right direction.

despite the fact that we had this hiccup in,

Uh, in Q2.

Operator: As a reminder, to ask a question, please press star one and one on your telephone. We will now take our next question from the line of Dario Maglione from BNP Paribas. Please go ahead.

A reminder to ask a question. Please press star 1 and 1 on your telephone.

We will now take our next question from the line of Dario Milan from BNP Paribas. Please go ahead.

Dario Maglione: Hi, thanks for taking my questions. I have three. One on the ground handling contract with Lufthansa. Can you tell us a bit about what alternative Lufthansa have regarding this contract? For instance, I believe they insourced the ground handling in Munich. Could it happen in Frankfurt too? Second question is on Terminal 3 retail performance. During the presentations, and the call, you mentioned a 30% increase spend per pax in Terminal 3 compared to Terminal 2. Why is that good? I think previous guidance or kind of soft guidance was that there will be a 50% improvement. Yes, directionally good, but how do you get to 50%? Or what is missing to get to 50%? Then last question around Lufthansa, as you were mentioning the capacity growth doesn't look great. Why is that? Is it just CityLine or something else going on?

Hi. Thanks for taking my questions. I have 3, uh, 1 on the ground handling contract with Lufthansa.

um,

can you tell us a bit about what alternative Luana have?

Regarding this contract, for instance, I believe they insourced.

The ground ending in Munich. Um, could it happen in Frankfurt too?

Second question on Terminal, 3 retail performance in the presentation. Um and the Corey mentioned a 30% increase.

Um, spent the tax in terminal 3 compared to Terminal 2.

Why is that good? Um, I think previous guidance or kind of soft guidance. Was that there would be a 50% Improvement?

So just directionally good. But how do we get to 50?

Uh, of what is missing to get to 50?

And then last questions around Lou. Um the mentioning the big capacity group doesn't look great. Uh why is that um

Dario Maglione: Maybe Lufthansa is increasing traffic at other hubs. Yeah, thanks.

Um, you just City Line or something else going on, maybe look down, say increase in traffic.

Yeah, thanks.

Matthias Zieschang: The first question, what you mentioned is correct. In Munich, they went for an insourcing. As far as we are informed, they took over the employees from Swissport and to do it on their own payroll. In Frankfurt, this is not possible because Swissport has a market share of less than 10%. Even if theoretically they would take over all these guys, this is impossible to handle their fleet. It is theoretical, it is possible. In reality, it cannot work. That's gravity. Regarding spend per PAX increase, regarding Terminal 3, you mentioned the 30% on one side and the 50% guidance. This is not change of the guidance. The explanation is that when we went for 50% guidance, of course, we had in mind the given mix of passengers and sustainable structure.

The first question. Um, what you mentioned is correct. In Munich, they went for insourcing.

So they, as far as we are informed, they took over the employees from Swiss Ground, and to do it on their own.

A roll.

Um so in Frankfort, this is not possible because this port is it's uh or has a market share of less than 10%. So even if theoretically they would take over

All these guys. This is impossible to handle their feet, so it's theoretical it's possible in reality, it cannot work.

it's gravity, um, in regarding um,

Spent Parks increase regarding Terminal 3. You mentioned the 30% on 1 side.

And the 50% guidance, this is not.

Matthias Zieschang: We had more or less a total loss of Middle East passengers, knowing that their expense behavior is very good. It's clearly significant above average. Now we realized 30% in the beginning, in the soft opening phase, without more or less Middle East passengers, and we ended now up with 30%. On the other side, we see the recovery, or we expect the recovery during the year. In other words, with the recovery of these Middle East passengers on one side and further improvements in F&B and fine-tuning in the shops, we are confident to keep to our guidance of 50% higher spend per PAX for the passengers in Terminal 3. Third question, what was it?

Change of the guidance. So the explanation is that when we went for 50% guidance, we of course we had in mind the the given mix of of passengers and uh sustainable structure. Then we had more or less a total loss of Middle East passengers knowing that they are um

Expense behavior is very good. It's clearly significantly above average.

And so we now we realized 30% in the beginning.

Uh, in a soft opening phase, without more or less Middle East passengers. And we ended now up with 30%. On the other side, we see the recovery, or we expect the recovery during the year, and, in other words, with the recovery of these...

Middle East passengers on one side and further.

Improvements in in FNB and and fine tuning in the shops.

We are confident to to keep to our guidance of 50%.

Dario Maglione: Lufthansa capacities.

Matthias Zieschang: Lufthansa. Yeah, as you mentioned, the grounding of Lufthansa CityLine. You can say we had the war in Iran, the exploding of jet fuel prices, reaction of airlines reducing their seat offers on one side, especially with the aircrafts, which are not so fuel efficient. The grounding of Lufthansa CityLine, and this cost us a lot of seat capacity at Frankfurt Airport, and this is the main reason for the weak performance on the Lufthansa side.

Higher than the parks for the passengers in terminal 3. Third question, what was it? Yeah, as you mentioned City, the grounding of city lines so you can say we had the war in Iran, then the the exploding of of jet fuel prices.

Um,

Then, the reaction of airlines reducing their seat offers on one side, especially with the aircraft which are not so fuel efficient.

and um,

then the

Grounding of, of City Line. And this costs us a lot of

A lot of, uh, heat capacity in Frankfurt Airport. And this is the main reason.

Uh, for the weak performance on the loo.

Dario Maglione: Thank you, Matthias.

Operator: Thank you. We will now take a next question from the line of Dirk Schlamp from DZ Bank. Please go ahead.

Thank you.

We will now take a next question.

From the line of Duke slump, from The Zed Bank, please go ahead.

I speaking, thanks for taking my question on from my side. Um, you said that international business on average developed broadly as expected. Uh, could you give us a bit more color on that which airports are currently showing? Um, the biggest deviations from your initial expectations?

Thanks.

Matthias Zieschang: Sure. As always, in the beginning of the year, we have a plan, and the day after, the plan is not any longer valid. We have assets which are outperforming. We have assets which are underperforming. Looking back, we have a proven track record of nearly 20 years. When we, at the end of the year, always look to what we have planned for the segment, international activities, and what is the final outcome, you can say it's coincidence. In total, we always reached our EBITDA targets as well as passenger targets, having in mind that always some assets are doing better and other ones underperforming. Now coming to our several assets in the portfolio.

Yeah, sure. As always, we have in the beginning of the year, we have a plan

and the day after the plan is not any longer will it. So we have assets, which are outperforming. We are, we have assets, which are underperforming but

Looking back, we have a proven track record of nearly 20 years, and at the end of the year, we always look at what we have planned for the segment.

Matthias Zieschang: On the positive side, we have, you can say, as always, Greece, with month by month, more than 5% passenger growth compared to previous year, having in mind that since the pandemic, we had year by year a recovery or a growth, which has been always better than this what we expected. Greece is in the past and now always on the positive side. Also, Brazil is doing very well. Fortaleza, it's just 1%, but Porto Alegre, 10%. Weighted average it's about 5%, which is fine. Ljubljana is doing very well with actually 15% increase. These are the positive drivers. On the negative side, we have Antalya with minus numbers in the beginning of the year because due to the proximity to Iran and the war on one side and very significant increase on the price side and this hotel business, which dampens the demand.

International activities and what is the final outcome and say it's coincidence. You always in total, you always reached our FDA targets as well as dangerous targets. Having in mind that some always some assets are doing better and other ones under the form. So now coming to to our several Assets in the portfolio, we have on the positive side, we have you can say as always Greece,

with month by month, more than 5% passenger growth compared to previous year, having in mind that since the pandemic we had year by year,

A recovery or a growth, which has been always better than this. What we expected. So Greece is in the past and now, always on the on the positive side.

And also Brazil is doing very well for the Lea. It's just 1%, but for to a leak, the 10%. So weighted average is also it's about 5%, which is fine.

Lubana is doing very well with actually, 15% increase.

uh, so these are the, um,

On the positive drivers. On the negative side, we have Analia.

with minus numbers in the beginning of the year because to you to the proximity to Iran and the war on 1 side and

um, very

significant increase on the price side and these um, these

Matthias Zieschang: Now so far, it's a little bit better that in July, the last number is minus 1%. This is clearly below our expectation. The beginning of the year also, Lima is underperforming passenger-wise. On the financial side, we are happy because for the full year, we expect an EBITDA improvement to, including the EUR 10 million one-off. We expect an increase of about EUR 30 million based on weak traffic, which is a good increase. I hope I have mentioned all numbers. U.S. market is as planned. It's no surprise, not with a negative and also not with a positive sign.

Um, Hotel business, which dampens the the demand.

Now, and so far, it’s a little bit better than in July—the last numbers: minus 1%—but this is clearly below our expectations at the beginning of the year. Also, Lima is underperforming passenger-wise. On the financial side, we are happy because...

for the full year, we expect an FDA Improvement to including the 10 million 1 of

We expect an increase of about 30 million euro.

Based on weak traffic, which is a good increase. And, um,

I hope I have mentioned.

Numbers and US market is as as planned, it's it's no surprise.

Dirk Schlamp: Okay, thanks.

Without not to the negative and also not to the positive side.

Okay, thanks.

Matthias Zieschang: Welcome.

Welcome, thank you as a reminder to ask a question. Please press star 1 and 1 on your telephone, that's star 1 and 1, 1 to ask a question.

There are no further questions at this time. I would now like to turn it back to Florian. Fox. Fox.

Florian Fuchs: Yes. Thank you everybody for the good set of questions. Thank you, Matthias, for the answers. We look forward right now to be in touch soon, maybe on the road or via the phone or here on-site in Frankfurt. With that, we'd like to conclude the question and answer session. Thank you very much, and goodbye.

Yes. Uh thank you everybody for the good set of questions. Uh thank you Matias for the answers. We look forward right now to be in touch. Soon may be on the road or via the phone or here on site in Frankfurt. And with that, we'd like to conclude the question and answer session. Thank you very much and goodbye.

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Q2 2026 Fraport Frankfurt Airport Services Worldwide AG Earnings Call - Q&A

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