Download PDF

1. Company Snapshot

1.a. Company Description

Flughafen Wien Aktiengesellschaft, together with its subsidiaries, engages in the construction and operation of civil airports and related facilities in Austria.It manages the Vienna airport.The company operates through five segments: Airport, Handling & Security Services, Retail & Properties, Malta, and Other.


The company's Airport segment operates and maintains aircraft movement areas and terminals, as well as equipment and facilities for passenger and baggage handling, as well as security controls for passengers.This segment also offers various services to support airport operations, deal with emergencies and disruptions, and ensure security.Its Handling & Security services segment provides various services for the handling of aircraft and passengers on scheduled and charter flights, as well as for the handling of general aviation aircraft and passengers.


This segment also operates the general aviation center; and provides security controls for passengers and hand luggage.The company's Retail & Properties segment offers services that support airport operations, including shopping, food and beverages, VIP, lounges, and parking, as well as develops and markets properties.Its Malta segment operates Malta airport; and provides parking services, as well as rents retail and office space.


The Other segment offers technical and repair, energy supply and waste disposal, telecommunication, and information technology, electromechanical and building, construction management, and consulting services, as well as construction and maintenance services for infrastructure facilities.The company is headquartered in Schwechat, Austria.

Show Full description

1.b. Last Insights on FLU

Flughafen Wien Aktiengesellschaft's recent performance was driven by its attractive dividend yield, which has piqued investor interest amidst market uncertainty. The company's stable cash flows and robust dividend payout ratio have made it an attractive option for income-seeking investors. Additionally, the airport's solid operational performance, as evidenced by its recent earnings release, has contributed to its positive momentum. Furthermore, the company's ability to navigate the challenges of new trade tariffs and mixed economic signals has demonstrated its resilience and adaptability.

1.c. Company Highlights

2. Airport Operator's 2025 Earnings: A Mixed Bag

The company reported revenue of CHF 845 million, up 6.7% year-over-year, and EBITDA of EUR 377 million, up 2.4%. Group net profit rose 4.2% to EUR 215 million. The actual EPS came out at '1.09', in line with estimates at '1.09'. The revenue growth was driven by a 4% increase in passengers, with 32.9 million passengers in the first three quarters. The Airport segment reported a 7.8% increase in EBIT and 5.7% revenue growth.

Publication Date: Nov -24

📋 Highlights
  • 2025 Financial Growth:: Revenue up 6.7% to CHF 845M, EBITDA up 2.4% to EUR 377M, and group net profit rose 4.2% to EUR 215M.
  • Passenger Growth & Outlook:: 4% passenger increase to 32.9M, driven by Malta’s 10.8% growth, but expects 2026 challenges due to Ryanair/Wizz Air capacity cuts.
  • Malta’s Strong Performance:: Revenue up 10%, EBITDA up 6.7%, and EUR 62.7M EBIT, supported by new routes and a EUR 100M+ investment program.
  • Cost & Efficiency Initiatives:: EUR 199.5M CapEx in 2025, EUR 438M net liquidity, and a 2026 program targeting material/service/personnel cost reductions.
  • Segment Dynamics:: Airport EBIT up 7.8%, handling segment hurt by personnel costs but cargo growth strong; retail margins dampened by one-offs (-EUR 4M+).

Segmental Performance

The handling segment was impacted by personnel expense increases, but cargo growth was strong. The Retail & Properties segment had negative one-offs of over EUR 4 million and a positive effect of over EUR 1 million from the reversal of a bad debt allowance in the previous year. Sales in center management and hospitality and parking in Vienna are above passenger development, with center management revenue up 7%, parking up 5%, and rentals up 2%. In Malta, revenue rose 10%, EBITDA 6.7%, and EBIT 5.4%, driven by strong growth to Poland and new destinations.

Outlook and Guidance

Despite ongoing cost pressure, the company confirmed its guidance for 2025, expecting revenue of EUR 1.8 billion, EBITDA of approximately EUR 440 million, and group net profit of around EUR 230 million. The company expects a challenging 2026 due to capacity reductions from Ryanair and Wizz Air but is optimistic about compensating for around a quarter of the reduction. Management is working on an efficiency improvement and cost reduction program to mitigate the effects of tariff reductions and lower traffic results.

Valuation and Financial Metrics

With a P/E Ratio of 20.05, P/B Ratio of 2.99, and EV/EBITDA of 9.61, the company's valuation metrics indicate a relatively stable financial position. The Net Debt / EBITDA ratio is 0.07, and ROE is 14.62%. Analysts estimate next year's revenue growth at -2.4%. The company's focus on cost management and efficiency improvements is expected to maintain profitability.

Cost Reduction and Efficiency Improvement

The company plans to introduce a cost reduction and efficiency improvement program in 2026 to offset effects from lower passenger numbers. The program will focus on lowering material costs, service costs, and personnel costs across all departments and daughter companies. As management noted, "we will continue to engage with airlines to improve Vienna's attractiveness and fill gaps left by departing carriers."

Financial Position and Cash Flow

Capital expenditure (CapEx) was EUR 199.5 million, and the company expects to end 2025 with CapEx below EUR 300 million. The net liquidity was EUR 438 million, and the equity ratio was around 70%. Operating cash flow was lower due to cash out for taxes, mainly in Malta, but is expected to normalize in the coming quarters.

3. NewsRoom

Card image cap

European Dividend Stocks Featuring 3 Top Picks

Sep -03

Source:

Card image cap

Flughafen Wien AG (WBO:FLU) (H1 2025) Earnings Call Highlights: Strong Revenue Growth Amid ...

Aug -20

Source:

Card image cap

3 European Dividend Stocks With Up To 6.3% Yield For Your Portfolio

Aug -01

Source:

Card image cap

3 European Dividend Stocks Yielding Up To 4.5%

Apr -04

Source:

Card image cap

Flughafen Wien Ag's Dividend Analysis

Jun -11

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.41%)

6. Segments

Airport

Expected Growth: 4.5%

Strong tourism growth in Vienna, increasing low-cost carrier presence, and strategic expansion of long-haul routes drive 4.5% growth at Flughafen Wien Aktiengesellschaft. Additionally, investments in airport infrastructure and services, such as improved security checks and enhanced passenger experience, support rising passenger numbers and revenue.

Retail & Properties

Expected Growth: 4.2%

Strong passenger growth, increased retail space, and higher revenue from parking and real estate leasing drove the 4.2% growth in Retail & Properties segment of Flughafen Wien Aktiengesellschaft. Additionally, strategic partnerships and investments in digitalization and sustainability initiatives contributed to the segment's growth.

Handling & Security Services

Expected Growth: 4.8%

The 4.8% growth in Handling & Security Services at Flughafen Wien Aktiengesellschaft is driven by increasing air traffic, rising demand for premium security services, and strategic partnerships with airlines. Additionally, investments in digitalization and process optimization have improved operational efficiency, leading to higher revenue and profitability.

Malta

Expected Growth: 4.0%

Malta's 4.0% growth from Flughafen Wien Aktiengesellschaft is driven by its strategic location, attracting tourists and businesses. Strong economic fundamentals, including a growing GDP and low unemployment, support air travel demand. Additionally, the country's EU membership and favorable tax environment make it an attractive hub for international companies, further boosting air traffic.

Other

Expected Growth: 3.8%

Strong tourism growth in Austria, increasing passenger traffic, and strategic expansion of airline routes drive Other segment growth for Flughafen Wien Aktiengesellschaft, with a 3.8% growth rate. Additionally, investments in retail and parking services, as well as rising demand for airport-related services, contribute to this growth.

7. Detailed Products

Airport Operations

Management of airport infrastructure, including runway maintenance, air traffic control, and security services.

Retail and Gastronomy

Operation of shops, restaurants, and bars within the airport, offering a range of products and services to passengers.

Real Estate and Property Management

Management of airport-owned properties, including office and retail spaces, as well as logistics and cargo facilities.

Security Services

Provision of security services, including passenger screening, baggage handling, and access control.

Ground Handling

Provision of ground handling services, including baggage handling, cargo handling, and aircraft servicing.

Parking and Mobility

Operation of parking facilities, including short-term and long-term parking, as well as mobility services such as car rentals and taxis.

Airport IT and Telecommunications

Provision of IT and telecommunications services, including network infrastructure, data centers, and airport-specific applications.

8. Flughafen Wien Aktiengesellschaft's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Flughafen Wien Aktiengesellschaft is medium due to the presence of alternative modes of transportation such as trains and buses, but the airport's strategic location and high-quality services reduce the likelihood of substitution.

Bargaining Power Of Customers

The bargaining power of customers is low due to the airport's dominant position in the region and the lack of alternative airports in the vicinity, giving customers limited options.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers of aviation fuel, food, and other essential services, but the airport's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the airport industry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of other airports in the region, such as Bratislava and Prague, which compete with Flughafen Wien Aktiengesellschaft for passengers and airlines.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 3.74%
Debt Cost 7.11%
Equity Weight 96.26%
Equity Cost 7.11%
WACC 7.11%
Leverage 3.89%

11. Quality Control: Flughafen Wien Aktiengesellschaft passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Flughafen Wien

A-Score: 6.3/10

Value: 4.4

Growth: 6.7

Quality: 7.9

Yield: 4.4

Momentum: 5.0

Volatility: 9.3

1-Year Total Return ->

View Full Report
Stock-Card
ENAV

A-Score: 6.3/10

Value: 4.1

Growth: 5.8

Quality: 4.9

Yield: 8.1

Momentum: 6.0

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
Zurich Airport

A-Score: 5.9/10

Value: 2.6

Growth: 5.8

Quality: 6.2

Yield: 3.8

Momentum: 7.0

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
IAG

A-Score: 5.4/10

Value: 7.3

Growth: 4.8

Quality: 5.0

Yield: 1.2

Momentum: 9.0

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Aeroports de Paris

A-Score: 4.4/10

Value: 3.2

Growth: 5.9

Quality: 2.6

Yield: 2.5

Momentum: 4.0

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
Corporación América Airports

A-Score: 4.1/10

Value: 4.9

Growth: 6.9

Quality: 6.2

Yield: 0.0

Momentum: 4.0

Volatility: 2.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

56.0$

Current Price

56$

Potential

-0.00%

Expected Cash-Flows