Märkte & Kurse

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Original-Research: Flughafen Wien AG - from NuWays AG

16.05.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to Flughafen Wien AG

     Company Name:                Flughafen Wien AG
     ISIN:                        AT00000VIE62

     Reason for the research:     Update
     Recommendation:              HOLD
     from:                        16.05.2025
     Target price:                EUR 60.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Solid Q1 out and slightly improved summer outlook; chg. est.

Following a 4.6% increase in group passengers, Q1 sales grew by 7.4% yoy to
EUR 226m (eNuW: EUR 224m), driven by the segments Airport (+2.1% yoy, 44% of
sales), Handling & Security (+18.5% yoy, 21% of sales), Retail & Properties
(+7.5% yoy, 20% of sales) and Malta (+13.7% yoy, 13% of sales).

EBITDA increased less than sales by 2.2% yoy to EUR 81m (36% EBITDA margin,
-1.8pp yoy; eNuW: EUR 85m), as total OPEX grew by 10% yoy to EUR 148m (eNuW: EUR
141m). Here, the deconsolidation of a subsidiary had positive implications
on personnel expenses but added costs to other OPEX. Mind you, that Q1'25
also had one day less than Q1'24, where sales of a full day were missing,
but due to its fixed cost nature, OPEX remained comparably stable, which
should have affected sales and thus EBITDA negatively by EUR 2.5 (eNuW). This,
and the fact that the Easter travel season was entirely in Q2'25 (vs. in Q1
last year), cushioned the start into the year.

FCF came in at EUR 49m (+ 59% yoy), mainly thanks to a strong CFO of EUR 95m
(+40% yoy) and still low CAPEX of EUR 46m (+23% yoy). Over the two coming
quarters, building activities at the south expansion are set to increase,
due to the better weather than in winter. Therefore, CAPEX is seen to rise
significantly and FCF should come in less pronounced sequentially. In total,
we expect CAPEX of EUR 310m for FY'25e, stemming from the south expansion
(eNuW: EUR 160m) and ongoing investments in Malta (eNuW: EUR 65m) while the rest
is mainly related to maintenance and other smaller nonmaintenance projects
(eNuW: EUR 95m). Nevertheless, FCF should remain positive at EUR 101m for
FY'25e, highlighting FWAG's highly cash generative business model even
during the recent CAPEX cycle.

Moreover, April traffic results came in and were driven by the Easter
holiday effect described above, with group passengers rising by 9.6% yoy to
3.75m. VIE grew by 8% yoy to 2.81m, whereas MLA remained strong with 16% yoy
passenger growth to 0.9m and KSC grew even better with 24% yoy to 0.05m.
Based on a solid outlook for the summer, Co-CEO Jäger commented that 32-33m
VIE passengers are more likely now (eNuW old: 32.1m; eNuW new: 32.5m; vs.
guidance: approx. 32m).

Again, FWAG looks set to deliver a strong FY'25e again, however shares still
seem fairly priced, in our view. Therefore, we reiterate our HOLD
recommendation with unchanged PT of EUR 60.00, based on DCF.

You can download the research here: http://www.more-ir.de/d/32620.pdf
For additional information visit our website:
https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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2139084 16.05.2025 CET/CEST

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