Märkte & Kurse

    ^
Original-Research: Flughafen Wien AG - from NuWays AG

22.01.2026 / 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.

---------------------------------------------------------------------------

Classification of NuWays AG to Flughafen Wien AG

     Company Name:                Flughafen Wien AG
     ISIN:                        AT00000VIE62

     Reason for the research:     Update
     Recommendation:              HOLD
     Target price:                EUR 57
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller

LCC cuts to weigh on PAX growth, chg.

Flughafen Wien reported strong year-end traffic results (see p.2) and issued
a mixed guidance for FY26, conservatively reflecting a passenger (PAX)
decline with low-cost carriers (LCCs) and a return to the pre-covid pricing
mechanisms. While the airport looks set to return to passenger growth in
2027e, we maintain our HOLD rating into the softening passenger numbers,
pending insights on the timing of the recovery and on valuation grounds.

Still, in December, Flughafen Wien group significantly outperformed other
airports with the number of passengers up 9.3% yoy (vs. peers up 5.3% on
avg., see p. 2), driven by higher seat-load factors (i.e. better filled
planes) and despite initial capacity adjustments with low-cost carriers.

However, more reductions are set to follow with the summer flight schedule
in March 2026 by Ryanair and Wizz Air (together c. 26% of sales), explaining
a forecasted c. 7% yoy drop in passengers at Vienna Airport in 2026 to 30.2m
(eNuW). Ryanair stated that it is trying to allocate its existing fleet to
those airports/regions, that are abolishing aviation taxes (Austria is not
among them, for now), as long as its short-haul fleet capacity remains
constrained.

At the same time, Austrian Airlines and and smaller carriers are set to
gradually step in, catering the passenger demand and explaining why a
sequential recovery is likely to start from summer 2026e (eNuW).
Additionally, Malta (fully consolidated) and Kosice (at-equity) look set to
increase passenger count by c. 7% yoy in 2026e partially mitigating the
group level decline (eNuW: -4% yoy).

All in all, 2026e sales are expected to decline c. 5% yoy to EUR 1,060m
(guidance: EUR 1,050m), also reflecting the c. 4.6% decline in airport charges
at Vienna. Importantly, the airport charges should resume a sustainable
growth path at a rate slightly below inflation in 2027e again. Net profit
(before minorities) looks set to increase 3% yoy to EUR 216m (guidance: EUR
210m), on the back of efficiency measures (reduction of c. 200 employees)
and a weak 2025e comp that includes c. EUR 56m in one-offs related to the
cancelled third runway project. Notably, Malta Airport is not seen to show
any signs of weakness, explaining the relative increases in non-controlling
interest.

Capex is expected to remain elevated for value-accretive projects. For
2026e, a total of EUR 330m is budgeted of which c. EUR 125m shall be allocated
to the Terminal 3 Southern Expansion at Vienna Airport. The project looks
set to increase hospitality revenues per passenger by c. EUR 0.50 (eNuW; EUR 18m
in total) in 2027e, indicating the immediate impact.

The most relevant events in 2026e should be any political statements on the
Austrian aviation tax, March and April traffic releases and a potential
Ukraine peace deal (Ukraine and Russia have been c. 3% of sales before the
war). Surprisingly good news could materially improve the investment case
and thus turn us more constructive again.

HOLD, new PT EUR 57 (old: EUR 58), based on DCF. - analyst change -


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=7bf07cf045e57bae1806170f2f934481
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
View original content:
https://eqs-news.com/?origin_id=652d2dbf-f761-11f0-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2264090 22.01.2026 CET/CEST

°