Classification of NuWays AG to Flughafen Wien AG

Company Name:	Flughafen Wien AG
ISIN:	AT00000VIE62
Reason for the research:	Update
Recommendation:	HOLD
from:	20.08.2025
Target price:	EUR 60.00
Target price on sight of:	12 months
Last rating change:
Analyst:	Henry Wendisch

Q2 results meet expectations, guidance confirmed.

Topic: Yesterday, FWAG released Q2 results that were slightly better than expectations. In detail:

Q2 sales rose by 7.4% yoy to € 299m (eNuW: € 292m; eCons: 297m) on the back of higher group passenger numbers (+4.8% yoy) as well as higher fees. Noteworthy is the Malta segment, that continues to outperform the remaining group by having expanded sales by 10% yoy to € 43m.

Q2 EBITDA remained strong at € 130m (eNuW: € 128m, eCons: € 129m), but developed under proportionate to sales (+4% yoy; 43.7% margin, - 1.4pp yoy) on the back of higher personnel costs (€ 109m, +9% yoy). On a segment basis, the three most important EBITDA contributors all expanded their EBITDA (Airport: € 63.9, up +8.4% yoy; Retail & Properties: € 31.6m, up 8.5% yoy and Malta: € 28.6m, up 9.3% yoy) at slightly lower margins.

EBIT benefitted from slightly lower D&A of € 33m (-1% yoy) and thus arrived at € 97m (eNuW: € 95m; eCons: € 96m), up 5.6% yoy. D&A remained flat despite the ongoing, CAPEX heavy southern expansion, as the depreciation period will only start after completion. Therefore, we expect an uptick in D&A starting in FY’27e.

A key highlight remains cash generation. After a slightly negative WC swing in Q2, operating CF still stood at € 62m (H1: 157m). Due to the aforementioned southern expansion, as well as ongoing investments in Malta, CAPEX rose sharply by 88% yoy to € 79m (H1: € 125m). Unsurprisingly, FCF came in at € -17m (H1: € 32m). Thus, and following the dividend payout in Q2’25, net liquidity now stands at € 398m, but is nevertheless up 14% yoy.

FWAG continues to hoard cash until its 3rd runway decision is made. Again, this decision will either pose the need to use most cash plus outside capital (debt or equity are possible) for this project or pose the need to improve the capital structure and lower the high cash position in terms of shareholder returns (eNuW: elevated dividends over a period of time) if the project is not pursued.

Next to Q2 results, FWAG also reported July passenger numbers, showing a first glance into Q3. On group level, passengers grew by 1% to 4.45m, mainly driven by MLA (+8% yoy) and KSC (+1% yoy), whereas VIE showed a slight decline by -1% yoy, due to the 12 day war effect.

As the release was well in line with our estimates and the decision for the 3rd runway still creates some uncertainty of the airport’s future (and implied shareholder returns), we maintain our HOLD recommendation and keep our PT of € 60.00 unchanged for the time being, However, after the fundamental 3rd runway decision, a revaluation of the case seems likely.

You can download the research here: flughafen-wien-ag-2025-08-20-previewreview-en-3152b
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
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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