Original-Research: Flughafen Wien AG (von NuWays AG): BUY

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 € 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 € 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 € 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 € 57, based on DCF.

You can download the research here: flughafen-wien-ag-2026-05-22-previewreview-en-6bf9a
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
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