Märkte & Kurse

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Original-Research: Flughafen Wien AG - from NuWays AG

19.11.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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:              Buy
     from:                        19.11.2025
     Target price:                EUR 58.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Topic: Yesterday, FWAG reported a solid set of Q3 results, in line with our
estimates as well as consensus.

On the back of a 2.9% yoy higher group passenger number (thereof VIE: +1.1%
yoy) and higher airport charges (+4.6% yoy; c. 40% of sales), FWAG increased
Q3 sales by 5.6% yoy to EUR 321m in line with expectations (eNuW: EUR 321m;
eCons: 321m). On a segment level, Airport grew by +7.5% yoy to EUR 159m (50%
of sales), followed by Malta (+7.6% yoy to EUR 47m; 15% of sales) and Handling
& Security (+5.6% yoy to EUR 52m). The non-aviation segment Retail &
Properties grew by only 1% yoy to EUR 59m, on the back of lower rental
revenues (-8% yoy to EUR 8.8m) against a tough comparable base (Q3'24: +22%
yoy).

Q3 EBITDA remained strong at EUR 166m and arrived slightly higher than

expectations (eNuW: EUR 164m, eCons: EUR 164m). Due to higher personnel costs (EUR

102m, +11% yoy) on the back of wage inflation, EBITDA developed
under-proportionate to sales (+1.4% yoy; 51.5% margin, -2.1pp yoy), which
could not be compensated by the decline in material expenses (-7% yoy to EUR
12.4m), mainly linked to less third-party services.

Net income after minorities arrived at EUR EUR 90.9m and grew in line with
EBITDA (+1.5% yoy; 27.9% margin; -1.2pp yoy) with only minor deviations from
our D&A, financial result, tax and minority estimates.

Operating cashflow fell by 23% to EUR 111m solely due to a discrepancy between
the tax results and taxes paid following tax pre-payments back at normal
pre-COVID levels. FCF thus arrived at EUR 45m (-55% yoy) on the back of the
scaled up CAPEX of EUR 66m (+49% yoy) for the south expansion of terminal 3 (EUR
29m), CAPEX at Malta (EUR 8m) as well as for an upgrade to the baggage sorting
system (EUR 5m).

The FY'25 financial and passenger guidance was confirmed and looks
achievable. With passengers of c. 32m at VIE (eNuW: 32.2m) and c. 42m on
group level (eNuW: 43m), the guidance of EUR c. 1.08bn in sales (eNuW: EUR
1.1bn) and an EBITDA of c. EUR 440m (eNuW: 451m) should be well achievable.

With 2026e, FWAG enters a mixed year. Recent reductions from low-cost
carriers coupled with the resumption of the airport charge tariff formula
(suspended from 2020-2025 due to COVID) should lead to a decline in
passengers and revenues, as reflected in our current estimates.
Consequently, the company already initiated an efficiency and cost-saving
program in advance aimed to mitigate the effects.

October traffic results arrived with higher momentum. Passenger volume
increased by 6.7% on group level (+3.7% yoy in VIE), on the back of a higher
seat load factor and an expanded offering in the autumn holidays vs. Oct'24.
Should this momentum continue into Nov' and Dec', our Q4 estimates appear
conservative at the moment.

However, the shares remain priced adequately, which is why we maintain our
HOLD recommendation and keep our DCF-based PT of EUR 58.00 unchanged.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=20002f44b1f03b488379b9680d9817f9
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
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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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2232264 19.11.2025 CET/CEST

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