Original-Research: Flughafen Wien AG (von NuWays AG): BUY
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Original-Research: Flughafen Wien AG - from NuWays AG
Classification of NuWays AG to Flughafen Wien AG
Cruising above expectations, chg. Flughafen Wien delivered better-than-expected Q2 results and raised its 2026 guidance, confirming the resilience of the business despite lower traffic at Vienna Airport. The print reinforces our BUY case, underpinned by resilient infrastructure earnings, strong cost discipline, continued growth in Malta and a solid balance sheet. Q2 earnings clearly beat expectations. Sales declined 3% yoy to € 290m (eCons: € 288m), as lower passenger volumes and reduced airport charges at Vienna were partly offset by continued strong growth in Malta (Q2 sales up 17% yoy). Yet, EBITDA rose 7% yoy to € 139m, coming in 6% above consensus. The EBITDA margin consequently expanded by 4.3pp yoy to a strong 48%. Cost discipline was the key positive surprise. Personnel expenses declined 3% yoy in Q2 to € 106m despite collective wage increases taking effect in May, indicating that the impact of higher wages was more than offset by a lower headcount. Other operating expenses fell by c. 25% yoy to € 39m, helped by lower maintenance, marketing and claims expenses as well as the non-recurrence of prior-year effects. Q2 should provide a reasonable reference point for the underlying H2 sales growth run-rate, in our view, as lower airport charges and low-cost carrier capacity cuts were already reflected in the quarter. While Middle East uncertainty warrants caution, the current run-rate still looks stronger than implied by the 2026 outlook. Moreover, Middle East traffic appears to have largely recovered, with July passenger volumes down only 2% yoy versus -45% in H1. The guidance hike is encouraging and still embeds a marked H2 slowdown. EBITDA guidance was raised by c. 2.4%, yet implies revenue declining c. 9% yoy and underlying EBITDA falling c. 23% yoy to € 198m in H2, corresponding to a margin of only 36% versus 43% in H1 and c. 43% underlying in H2 2025. We remain conservative as well, although our H2 EBITDA estimate still sits c. 5% above the implied guidance. Politics add an incremental positive: the federal government earmarks € 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. While this would not mitigate the near-term impact from low-cost carrier capacity reductions, it could improve Vienna's cost competitiveness and address one of the factors cited by low-cost carriers in recent capacity decisions, potentially improving the outlook for capacity additions. We raise our estimates marginally and stay above guidance. With further upside remaining possible, a strong balance sheet and resilient infrastructure earnings, the risk/reward remains attractive. BUY, new PT € 59 (old: € 58), based on DCF. You can download the research here: flughafen-wien-ag-2026-08-20-previewreview-en-2a598 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. ++++++++++
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2386022 20.08.2026 CET/CEST
