Märkte & Kurse

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Original-Research: Flughafen Wien AG - from NuWays AG

22.05.2026 / 09:00 CET/CEST
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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
     Target price:                EUR 57
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller

Strong Q1 amid choppy skies

Flughafen Wien delivered a strong Q1, with sales and EBIT slightly ahead of
consensus and the FY26 guidance confirmed. Q1 should be read in context:
airport charges were already lower from 1 January, while traffic still
reflected the largely intact winter schedule. The print confirms solid
execution on controllable levers.

Sales rose 6.1% yoy to EUR 240m, 3.2% above consensus, supported by group
passengers up 5.3% yoy, higher de-icing income and good non-aviation
development, particularly hospitality, lounges and advertising. Malta
remained the main growth driver, with passengers up 15.4% yoy on new
destinations, higher frequencies and a strong winter season. EBIT increased
11.6% yoy to EUR 54.4m, 2.3% above consensus, with the margin up 1.1pp yoy to
22.7%. The termination of elevated incentives from the prior-year quarter
partly offset the lower charge regime, while cost discipline also helped:
average FTEs declined 1.8% yoy.

April may prove to be the trough in yoy traffic at Vienna. The 8.2%
passenger decline reflected the overlap of LCC capacity cuts, the Easter
shift and Middle East disruption. Looking ahead, selected airline additions
are seen filling part of the capacity gap and Vienna's April seat load
factor of 82.2% (+1.3pp yoy) suggests that demand remains high. In our view,
this supports a sequential stabilisation in passenger trends, especially as
Middle East traffic already appears to be recovering from April, with the
yoy decline narrowing from -83% in April to c. -70% most recently.

Jet fuel risk looks more contained. Recent airline commentary points to a
less stretched European jet fuel backdrop than feared. Lufthansa now sees
fuel supply as largely stable until October. Similarly, Jet2 continues to
plan for a full schedule until October, supported by supplier feedback on
higher production and additional imports from regions not affected by the
Middle East. Flughafen Wien is also locally well positioned, helped by its
proximity to OMV refineries. While this is less likely to drive additional
summer capacity, it reduces the risk of fuel supply becoming a constraint at
Vienna.

The long-term case remains intact: FWAG is a high-quality infrastructure
asset with no concession expiry, above-peer operating returns and EUR 407m net
liquidity. Terminal 3 South remains on schedule for Q2 2027 and should lift
retail, hospitality and lounge revenues per passenger.

Consequently, we continue to see the current traffic weakness as a BUYing
opportunity. The guidance already embeds a sharp slowdown after Q1, while
capacity additions, easing fuel-supply concerns and potential Middle East
normalisation provide upside potential. An end to the Ukraine war and a
Middle East normalisation could together lift passengers volumes by c. 8%
(eNuW).

BUY, PT EUR 57, based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=4c3c069aa3c6361ab873ed6773b288a2
For additional information visit our website:
https://www.nuways-ag.com/research

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.
++++++++++

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2331922 22.05.2026 CET/CEST

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