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Original-Research: Flughafen Wien AG - von NuWays AG

04.11.2025 / 09:00 CET/CEST
Veröffentlichung einer Research, übermittelt durch EQS News - ein Service
der EQS Group.
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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Einstufung von NuWays AG zu Flughafen Wien AG

     Unternehmen:               Flughafen Wien AG
     ISIN:                      AT00000VIE62

     Anlass der Studie:         Update
     Empfehlung:                Hold
     Kursziel:                  EUR 58
     Kursziel auf Sicht von:    12 months
     Letzte Ratingänderung:
     Analyst:                   Henry Wendisch

Q3 preview & Sept. traffic figures

Topic: Following reported Sept. '25 traffic results, FWAG will report Q3
results on Tuesday, 18th November and here's what we expect:

FWAG reported solid September 2025 traffic figures, confirming continued
growth momentum into the autumn travel season. In September, the group
handled 4.22m passengers, up 4.1% yoy, of which Vienna recorded 3.14m (+2.2%
yoy), Malta 0.99m (+10.5% yoy) and Kosice 0.09m (+6.1% yoy). This sums up a
solid Q3, which is seasonally the busiest and thus most important quarter,
with a total of 13.3m passengers (+2.9% yoy) as well a solid YTD performance
of 32.8m passengers (+4.0% yoy).

Against its peer group, VIE stands firm. Sept' 25 growth of 2.2% yoy in VIE
against peers in the same weight class, is slightly behind that of Zurich
(3.4% yoy) and Athens (+5.4% yoy), also on a Q3 and 9M basis, but the
comparability is somewhat skewed. As a reminder, June, July and August
experienced a loss of passengers at VIE due to the 12-day Israel-Iran war,
which was much less pronounced at other international hubs, as Vienna has a
strong Israel-US route network. Also with regards to other important
Lufthansa hubs like FRA (+2.2% in Sept, + 2.6% yoy in Q3 and + 1.8% yoy
YTD), VIE shows a similar growth profile, despite the war damper described
above.

For Q3, we thus expect sales of EUR 321m (+5.6% yoy) on the back of a 2.9% yoy
increase in passengers and higher average airport charges. On the cost side,
we expect slightly (3% yoy) higher material expenses of EUR 14m (Q3'24: EUR
13m), but more importantly 7% yoy higher personnel expenses of EUR 99m (EUR 92m
in Q3'24) due to increased wages following the latest increase from the
collective labour agreement in May '25. Consequently, EBITDA should arrive
slightly higher at EUR 164m (+0.7% yoy), but at a lower margin of 51.2%
(-2.5pp yoy).

As Q3 is seasonally the busiest quarter in terms of passengers, it is also
the most sales heavy and profitable quarter of the year, thus very important
for FY'25e figures. Against this backdrop, the guidance of (1) c. EUR 1.08bn

sales (eNuW: EUR 1.10bn) and an EBITDA of c. EUR 440m (eNuW: EUR 447m) seems well

in reach.
Next to financial figures, the attention seems to shift more and more
towards the upcoming decision on the third runway. Currently, FWAG is still
awaiting a decision by the Federal Administrative Court regarding legal
standing of relevant parties, but could also decide on the project
independently before the ruling's result. Until then, we reiterate our HOLD
recommendation with unchanged PT of EUR 58.00, based on DCF.


Die vollständige Analyse können Sie hier downloaden:
https://eqs-cockpit.com/c/fncls.ssp?u=4603fcffbe9dd275ab2e3b65fcc00ebc
Die Analyse oder weiterführende Informationen zu dieser können Sie hier
downloaden: https://www.nuways-ag.com/research-feed

Kontakt für Rückfragen:
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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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2223172 04.11.2025 CET/CEST

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