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

    ^
Original-Research: Flughafen Wien AG - from NuWays AG

20.08.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to Flughafen Wien AG

     Company Name:                Flughafen Wien AG
     ISIN:                        AT00000VIE62

     Reason for the research:     Update
     Recommendation:              HOLD
     from:                        20.08.2025
     Target price:                EUR 60.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Q2 results meet expectations, guidance confirmed.

Topic: Yesterday, FWAG released Q2 results that were slightly better than
expectations. In detail:

Q2 sales rose by 7.4% yoy to EUR 299m (eNuW: EUR 292m; eCons: 297m) on the back
of higher group passenger numbers (+4.8% yoy) as well as higher fees.
Noteworthy is the Malta segment, that continues to outperform the remaining
group by having expanded sales by 10% yoy to EUR 43m.

Q2 EBITDA remained strong at EUR 130m (eNuW: EUR 128m, eCons: EUR 129m), but
developed under proportionate to sales (+4% yoy; 43.7% margin, - 1.4pp yoy)
on the back of higher personnel costs (EUR 109m, +9% yoy). On a segment basis,
the three most important EBITDA contributors all expanded their EBITDA
(Airport: EUR 63.9, up +8.4% yoy; Retail & Properties: EUR 31.6m, up 8.5% yoy
and Malta: EUR 28.6m, up 9.3% yoy) at slightly lower margins.

EBIT benefitted from slightly lower D&A of EUR 33m (-1% yoy) and thus arrived

at EUR 97m (eNuW: EUR 95m; eCons: EUR 96m), up 5.6% yoy. D&A remained flat despite

the ongoing, CAPEX heavy southern expansion, as the depreciation period will
only start after completion. Therefore, we expect an uptick in D&A starting
in FY'27e.

A key highlight remains cash generation. After a slightly negative WC swing
in Q2, operating CF still stood at EUR 62m (H1: 157m). Due to the
aforementioned southern expansion, as well as ongoing investments in Malta,
CAPEX rose sharply by 88% yoy to EUR 79m (H1: EUR 125m). Unsurprisingly, FCF
came in at EUR -17m (H1: EUR 32m). Thus, and following the dividend payout in
Q2'25, net liquidity now stands at EUR 398m, but is nevertheless up 14% yoy.

FWAG continues to hoard cash until its 3rd runway decision is made. Again,
this decision will either pose the need to use most cash plus outside
capital (debt or equity are possible) for this project or pose the need to
improve the capital structure and lower the high cash position in terms of
shareholder returns (eNuW: elevated dividends over a period of time) if the
project is not pursued.

Next to Q2 results, FWAG also reported July passenger numbers, showing a
first glance into Q3. On group level, passengers grew by 1% to 4.45m, mainly
driven by MLA (+8% yoy) and KSC (+1% yoy), whereas VIE showed a slight
decline by -1% yoy, due to the 12 day war effect.

As the release was well in line with our estimates and the decision for the
3rd runway still creates some uncertainty of the airport's future (and
implied shareholder returns), we maintain our HOLD recommendation and keep
our PT of EUR 60.00 unchanged for the time being, However, after the
fundamental 3rd runway decision, a revaluation of the case seems likely.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=480b720d07aed331697dc7bccd730855
For additional information visit our website:
https://www.nuways-ag.com/research-feed

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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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2186122 20.08.2025 CET/CEST

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