Mwb: Fraport's 'Weak' H1 Traffic Figures Make FY26 Targets Look 'Increasingly Vulnerable'; Sell Rating Kept

06:48 AM EDT, 07/13/2026 (MT Newswires) -- Mwb Research confirmed its investment opinion on Fraport (FRA.F), warning that "stalling" domestic passenger volumes leave the Frankfurt airport operator's full-year 2026 targets vulnerable. "Fraport's weak June and H1 traffic figures highlight a fragile domestic growth trajectory, with Frankfurt passenger volumes down 1.7% in June yoy and 0.8% in H1 yoy due to Lufthansa [LHA.F] strikes, high jet fuel prices, and geopolitical conflict in Iran. This stagnation creates an unfortunate mismatch with the April opening of the EUR 4bn Terminal 3, which adds 19m in annual passenger capacity and significantly escalates fixed costs. While a 1.0% increase in H1 group passengers offered minor cushion via international growth, performance there remains highly uneven. Consequently, FY26 targets look increasingly vulnerable," the research firm said Monday. Analysts noted that Fraport Chief Executive Officer Stefan Schulte lowered Frankfurt's passenger outlook for full-year 2026 to flat 2025 levels, below the prior forecast of 65 million to 66 million passengers. While the management still views its 2026 financial targets as "achievable," the company warned that the "somewhat weaker" traffic levels in Germany are expected to dampen its financial results. Against this backdrop, mwb reiterated its sell rating and price target of 62 euros, while lowering its 2026 sales, EBIT and EPS projections.