March 17 (Reuters) - German airport group Fraport guided for an increase in 2026 core earnings on Tuesday, citing higher passenger traffic capacity. The operator of Frankfurt Airport, Germany's
Fraport says impact from Middle East war limited, but traffic shifts may happen
Fraport's Response to Middle East Conflict and Passenger Traffic Outlook
By Amir Orusov and Danny Callaghan
March 17 (Reuters) - Airport operator Fraport said on Tuesday that about 86,000 passengers flying through Frankfurt were affected by cancellations in the first two weeks of the Iran war.
Current Operations and Impact
Only one-third of weekly connections between the Frankfurt airport and the Middle East are operating now, CEO Stefan Schulte said during a post-earnings presentation to journalists.
However, the escalating conflict has so far had only a limited impact on the company, which operates Germany's busiest air traffic hub along with other airports in its home country and elsewhere.
Middle East Routes and Passenger Volumes
Direct traffic volume on routes to and from the Middle East accounted for around 5% of Frankfurt's total passenger volumes in 2025, the operator said.
Financial Forecast Amid Conflict
Earlier on Tuesday, Fraport forecast a modest rise in 2026 core earnings, not accounting for any impact from the conflict triggered by U.S. and Israeli strikes against Iran in late February.
"We do not see any significant impact yet," Schulte said.
Potential Risks and Regional Effects
The war, which has driven jet‑fuel prices higher and disrupted air routes across the region, may lead to booking reluctance or a diversion of passenger flows, weighing on earnings momentum this year, Fraport said.
Geopolitical Turmoil and Tourism-Oriented Airports
Geopolitical turmoil could also affect traffic dynamics in Fraport's tourism-oriented airports in Bulgaria, Greece and Turkey, which served around 80 million passengers last year, it added.
Outlook for Frankfurt Airport
FRANKFURT TRAFFIC TO REACH PRE-COVID LEVELS IN 2028
Fraport expects its earnings before interest, taxes, depreciation and amortisation to be around 1.5 billion euros ($1.7 billion) this year, versus a consensus-beating 1.44 billion in 2025.
Analyst Reactions and Share Performance
Analysts said the outlook was relatively positive, especially in light of high regulatory costs that keep hampering German airports. Fraport's shares gained 5% by early afternoon local time.
Passenger Traffic Forecast and Terminal Expansion
Fraport also forecast passenger traffic of 65-66 million for Frankfurt, up to 4.4% higher than last year.
It expects Frankfurt passenger numbers to return to pre-pandemic levels in 2028, Schulte said. Last year's passenger traffic lagged the 2019 number by 10%.
Frankfurt's new Terminal 3, due to open on April 23, will support passenger growth but is set to weigh on results in the short term by 300-400 million euros due to higher depreciation and interest expenses.
($1 = 0.8708 euros)
(Reporting by Amir Orusov and Danny Callaghan in Gdansk, editing by Milla Nissi-Prussak)
