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

Original-Research: Flughafen Wien AG - from NuWays AG



20.08.2026 / 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 59
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller



Cruising above expectations, chg.



Flughafen Wien delivered better-than-expected Q2 results and raised its 2026
guidance, confirming the resilience of the business despite lower traffic at
Vienna Airport. The print reinforces our BUY case, underpinned by resilient
infrastructure earnings, strong cost discipline, continued growth in Malta
and a solid balance sheet.



Q2 earnings clearly beat expectations. Sales declined 3% yoy to EUR 290m
(eCons: EUR 288m), as lower passenger volumes and reduced airport charges at
Vienna were partly offset by continued strong growth in Malta (Q2 sales up
17% yoy). Yet, EBITDA rose 7% yoy to EUR 139m, coming in 6% above consensus.
The EBITDA margin consequently expanded by 4.3pp yoy to a strong 48%.



Cost discipline was the key positive surprise. Personnel expenses declined
3% yoy in Q2 to EUR 106m despite collective wage increases taking effect in
May, indicating that the impact of higher wages was more than offset by a
lower headcount. Other operating expenses fell by c. 25% yoy to EUR 39m,
helped by lower maintenance, marketing and claims expenses as well as the
non-recurrence of prior-year effects.



Q2 should provide a reasonable reference point for the underlying H2 sales
growth run-rate, in our view, as lower airport charges and low-cost carrier
capacity cuts were already reflected in the quarter. While Middle East
uncertainty warrants caution, the current run-rate still looks stronger than
implied by the 2026 outlook. Moreover, Middle East traffic appears to have
largely recovered, with July passenger volumes down only 2% yoy versus -45%
in H1.



The guidance hike is encouraging and still embeds a marked H2 slowdown.
EBITDA guidance was raised by c. 2.4%, yet implies revenue declining c. 9%
yoy and underlying EBITDA falling c. 23% yoy to EUR 198m in H2, corresponding
to a margin of only 36% versus 43% in H1 and c. 43% underlying in H2 2025.
We remain conservative as well, although our H2 EBITDA estimate still sits
c. 5% above the implied guidance.



Politics add an incremental positive: the federal government earmarks EUR 30m
p.a. for the aviation sector in its 2027/28 double budget, with the
allocation to be decided by end of September. The industry appears to prefer
usage of the funds for a cut of the flight tax. While this would not
mitigate the near-term impact from low-cost carrier capacity reductions, it
could improve Vienna's cost competitiveness and address one of the factors
cited by low-cost carriers in recent capacity decisions, potentially
improving the outlook for capacity additions.



We raise our estimates marginally and stay above guidance. With further
upside remaining possible, a strong balance sheet and resilient
infrastructure earnings, the risk/reward remains attractive.



BUY, new PT EUR 59 (old: EUR 58), based on DCF.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=5e0712db7588fa1ef4ae2428e8f8f486
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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