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Flughafen Wien AG (von NuWays AG): BUY 11.11.2026, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

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Original-Research: Flughafen Wien AG - from NuWays AG

11.11.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


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

Q3 preview: Malta to cushion softer Vienna traffic, chg.

Flughafen Wien will report Q3 results on 19 November. We expect cost discipline and continued growth in Malta to cushion weaker traffic and lower airport charges in Vienna. The results should reinforce our view that FY26 guidance remains too cautious, even with a subdued winter already embedded in our estimates.

Malta continues to cushion Vienna's traffic decline. Reported group passenger numbers fell c. 1% yoy to 13.1m in Q3. Vienna declined c. 6% yoy to 9.2m, reflecting less low-cost carrier capacity and Middle East disruption. Malta grew c. 13% yoy to 3.5m, supported by additional airline capacity. Together with Vienna's lower airport charges, this should lead to Q3 sales of € 308m, down 4.1% yoy (eNuW).

Cost discipline should protect profitability. EBITDA is expected to come in at € 160m, down 3.3% yoy, implying a 0.4pp margin improvement to 51.9%. Lower staffing levels should continue to cushion wage inflation. The benefit was already visible in Q2, when personnel expenses fell 2.8% yoy. Malta's higher traffic should provide additional operating leverage. Net profit after minorities is seen at € 86.3m, down 5.5% yoy.

The guidance still implies an excessive Q4 slowdown. Against our 9M EBITDA estimate of € 387m, the € 425m full-year target leaves just € 38m for Q4. This implies a 58% decline versus Q4 25, adjusted for the € 55.9m third-runway charge (Q4 25 one-off). Our new FY26 EBITDA estimate of € 440m implies € 53m in Q4, c. 40% above the guidance-implied level, yet still conservatively down 42% yoy on an underlying basis.

Resilient demand should cushion winter capacity cuts. Austrian Airlines' 3% Q3 passenger growth across its network despite higher fares highlights underlying demand strength. Higher fuel costs have prompted the airline to cut network-wide winter capacity by 5%, with Ryanair also reducing its group winter plans. These adjustments fit the subdued winter already assumed in the forecasts. FWAG may need to offer higher incentives to retain airline capacity in Vienna, tempering group EBITDA margin expansion in 2027e (9M 26e: +1.6pp yoy, eNuW). In Malta, where winter frequency additions largely offset reductions, structural demand growth should support higher seat load factors and further passenger growth.

The 2027 recovery has drivers beyond passenger growth. Inflation-linked tariff adjustments should support revenue after the 2026 reset. T3 South remains on time and on budget for a Q2 2027 opening, expanding Vienna's retail and gastronomy space by c. 50% and adding new lounges. This should lift hospitality revenue per passenger (eNuW: +17% yoy in 2027e). Meanwhile, flight-tax relief remains undecided, with Finance Minister Marterbauer ruling out unfunded abolition on 9 November. Political support for a reduction is growing. Any cut would improve Vienna's cost competitiveness.

The high-quality infrastructure case remains intact. FWAG owns its Vienna infrastructure outright, with no concession expiry. Aviation, retail and property income provide a diversified earnings base with long-term exposure to growing air travel. Net cash of € 265m and an equity ratio of 72% at H1 provide financial flexibility to fund expansion and dividends (c. 3.4% yield).

Action: FY26 EPS raised by c. 2% on better traffic assumptions and 2027 D&A slightly increased for T3 South's expected Q2 opening.

BUY, with unchanged PT at € 59, based on DCF.

You can download the research here: flughafen-wien-ag-2026-11-11-previewreview-en-76550
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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Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2432322  11.11.2026 CET/CEST

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Dis­clai­mer: Die hier an­ge­bo­te­nen Bei­trä­ge die­nen aus­schließ­lich der In­for­ma­t­ion und stel­len kei­ne Kauf- bzw. Ver­kaufs­em­pfeh­lung­en dar. Sie sind we­der ex­pli­zit noch im­pli­zit als Zu­sich­er­ung ei­ner be­stim­mt­en Kurs­ent­wick­lung der ge­nan­nt­en Fi­nanz­in­stru­men­te oder als Handl­ungs­auf­for­der­ung zu ver­steh­en. Der Er­werb von Wert­pa­pier­en birgt Ri­si­ken, die zum To­tal­ver­lust des ein­ge­setz­ten Ka­pi­tals füh­ren kön­nen. Die In­for­ma­tion­en er­setz­en kei­ne, auf die in­di­vi­du­el­len Be­dür­fnis­se aus­ge­rich­te­te, fach­kun­di­ge An­la­ge­be­ra­tung. Ei­ne Haf­tung oder Ga­ran­tie für die Ak­tu­ali­tät, Rich­tig­keit, An­ge­mes­sen­heit und Vol­lständ­ig­keit der zur Ver­fü­gung ge­stel­lt­en In­for­ma­tion­en so­wie für Ver­mö­gens­schä­den wird we­der aus­drück­lich noch stil­lschwei­gend über­nom­men. Die Mar­kets In­side Me­dia GmbH hat auf die ver­öf­fent­lich­ten In­hal­te kei­ner­lei Ein­fluss und vor Ver­öf­fent­lich­ung der Bei­trä­ge kei­ne Ken­nt­nis über In­halt und Ge­gen­stand die­ser. Die Ver­öf­fent­lich­ung der na­ment­lich ge­kenn­zeich­net­en Bei­trä­ge er­folgt ei­gen­ver­ant­wort­lich durch Au­tor­en wie z.B. Gast­kom­men­ta­tor­en, Nach­richt­en­ag­en­tur­en, Un­ter­neh­men. In­fol­ge­des­sen kön­nen die In­hal­te der Bei­trä­ge auch nicht von An­la­ge­in­te­res­sen der Mar­kets In­side Me­dia GmbH und/oder sei­nen Mit­ar­bei­tern oder Or­ga­nen be­stim­mt sein. Die Gast­kom­men­ta­tor­en, Nach­rich­ten­ag­en­tur­en, Un­ter­neh­men ge­hör­en nicht der Re­dak­tion der Mar­kets In­side Me­dia GmbH an. Ihre Mei­nung­en spie­geln nicht not­wen­di­ger­wei­se die Mei­nung­en und Auf­fas­sung­en der Mar­kets In­side Me­dia GmbH und de­ren Mit­ar­bei­ter wie­der. Aus­führ­lich­er Dis­clai­mer