Original-Research: Flughafen Wien AG (von NuWays AG)
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Original-Research: Flughafen Wien AG - von NuWays AG
Einstufung von NuWays AG zu Flughafen Wien AG
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 € 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 € 14m (Q3’24: € 13m), but more importantly 7% yoy higher personnel expenses of € 99m (€ 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 € 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. € 1.08bn sales (eNuW: € 1.10bn) and an EBITDA of c. € 440m (eNuW: € 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 € 58.00, based on DCF. Die vollständige Analyse können Sie hier downloaden: flughafen-wien-ag-2025-11-04-update-en-cd35b 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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