Fraport is the owner and operator of Frankfurt Airport, a cargo and transfer hub, and Germany’s largest airport. The State of Hesse and City of Frankfurt maintain a 31.31% and 21.12% shareholding, respectively.
Fraport is transitioning from a period of heavy capital expenditure to significant free cash flow generation, which should fuel increasing shareholder distributions and deleveraging.
Bears
Frankfurt Airport’s status as a transfer hub means it competes with Middle Eastern and other European hubs for many routes, and, accordingly, we don’t award it an efficient scale moat source.
Fraport owns and operates Frankfurt Airport, a European cargo and transfer hub, and international concessions including Lima Airport, Antalya Airport, and a network of 14 Greek airports. Frankfurt Airport operates under a dual-till model, leaving its commercial activities completely unregulated. The German business is split between regulated aviation activities, retail & real estate activities, and ground handling services. In 2025, retail & real estate contributed 33% of the group’s operating profit, despite generating only 13% of the sales. Lufthansa accounted for 65% of Frankfurt Airport's total seat capacity in 2025. It has the highest contribution from its international segment among our European airport coverage, with 42% of EBITDA deriving from overseas operations in 2025.