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

^

Original-Research: Flughafen Wien AG - from NuWays AG

05.08.2026 / 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 58

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Q2 preview: guidance leaves ample room for upside, chg.

Flughafen Wien will release its H1 report on 19 August. We expect resilient

Q2 figures and see the conservative FY26 guidance paving the way for

positive surprises in H2. Here is what to expect:

Q2 sales look set to decline 3.2% yoy to EUR 289m (eNuW). Group traffic was

broadly flat at -0.4% yoy, with the mix shifting to Malta +15.6% and Kosice

+45%, while Vienna declined 6.5% yoy, reflecting the expected

low-cost-carrier reductions as well as Middle-East traffic below pre-crisis

levels. Moreover, Q2 should see the full impact of the reduced airport

charge scheme. Following Covid-19, this reflects a return to a stable

long-term formula, which should broadly track inflation in the coming years.

Hence pricing is expected to again return to a tailwind in 2027.

Despite the softer top line, Q2 EBITDA is seen flat at EUR 130.5m (eNuW),

implying a 1.5pp margin improvement to a strong 45.2%. Three drivers should

stand out: (1) the group's cost efficiency programme, most likely resulting

in declining headcount, (2) the non-recurrence of prior year one-offs

(damages and environmental provisions) and (3) continued operating leverage

in fast growing Malta.

The FY guidance implies an overly cautious H2, in our view. Management

targets approx. 41.5m PAX, EUR 1,050m sales and EUR 415m EBITDA. Held against

our H1 estimates (20.0m PAX, EUR 528.6m sales, EUR 218.4m EBITDA), this leaves

an implied H2 PAX decline of 9.7% yoy (21.5m), a sales decline of 13.7% yoy

(EUR 521m) and underlying EBITDA deterioration of 23.4% yoy (EUR 196.6m; adj.

for EUR 55.9m one-off costs in Q4 2025). The magnitude of the decline looks

difficult to reconcile with the traffic and margin trajectory expected in

Q2, in our view. We hence raise our FY26 estimates to EUR 1,075m sales and EUR

430m EBITDA (c.4% above guidance, 40.0% margin). Even these numbers still

embed a marked H2 slowdown, with implied H2 sales down 9.6% yoy and

underlying H2 EBITDA down 17.6% yoy. We therefore continue to regard our own

estimates as conservative. A guidance hike in H2 looks like a matter of time

(eNuW), in line with management's typically prudent planning.

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. No game changer, but any

relief would strengthen Vienna's competitiveness.

All in all, the investment case remains fully intact: FWAG combines

infrastructure grade earnings quality with structural growth, strict cost

discipline and debt free funding of investments (EUR 330m in 2026e), leaving

ample room for attractive dividends (c. 3.6% yield). With increased

estimates and the guidance upside as a potential catalyst, the risk/reward

remains compelling.

BUY, new PT EUR 58 (old: EUR 57), based on DCF.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=44f694953e3dc689a4796d453fd8d66a

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.

++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=ee83330d-9093-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2377406 05.08.2026 CET/CEST

°