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

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

12.09.2025 / 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:                        12.09.2025
     Target price:                EUR 58.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch

Wizz Air to leave a dent in the growth story, chg. est. & PT

Topic: On Wednesday, Wizz Air announced the gradual closure of operations at
Vienna Airport (VIE). Moreover, FWAG released August traffic figures
yesterday. In detail:

Following a strategic review, Wizz Air has decided to gradually discontinue
its base and operations at VIE. Out of the five A321neo aircrafts stationed
at VIE, two aircrafts and routes (London & Bilbao) will be taken out of
operation on October 26th 2025. The remaining three aircrafts and routes
will be taken out of operation as of March 15th 2026. Wizz Air states that
the risen airport charges as well as aviation taxes at VIE are not
compatible with the ultra-low-cost business model anymore. Currently, Wizz
Air is VIE's third largest customer (after Austrian and Ryanair) and counts
c. 2m passengers annually (6% market share).

Each ticket price contains EUR 12 Austrian aviation tax (or EUR 35 for flights
shorter than 350km) imposed by the state and c. EUR 14.50 airport charges
(eNuW, calculation based on H1'25 figures) imposed by FWAG. Nevertheless, a
total of EUR 26.50 of charges play a large role in the ultra-low-cost business
model, where ticket prices usually range between EUR 50-150.

Mind you, FWAG does not control the airport charges themselves, but they are
legally stipulated. From 2020 until 2025, the statutory formula was
suspended due to COVID, but as of 2026, the changes in airport charges will
be resumed with the formula (price increase in % = -0.35 x PAX growth +
inflation). Consequently, airport charges at VIE are seen to decline by up
to 5% in FY'26e, due to the recent growth in passengers as well as
low-inflation.

Against this backdrop, the Wizz Air impact comes at an unfavorable timing,
leading to a loss of passengers coupled with lower charges. We expect the
loss of routes and capacities to be filled by competitors like Ryanair and
Austrian Airlines, but only by a limited extent and not immediately. After
all, Vienna remains a strong and desired destination. In sum, we expect a
net impact of c. 1.1m less passengers for FY'26e, leading to a new passenger
estimate of 31.7m (eNuW old: 32.8m), implying a passenger decline of 1% yoy
for FY'26e at VIE.

To put this into perspective, FY'26e is seen as a small dent in FWAG's
structural growth story. FY'27e should experience growth again due to the
catch-up effects described above and thanks to the south terminal expansion
(adding large areas of shopping & restaurants and thus higher non-aviation
sales), which is currently in construction.

Moreover, August traffic figures for the important, seasonally busiest month
of the year were carried by catch-up effects at VIE, following the
twelve-day war. In sum, group passengers rose by 3.7% yoy to 4.61m (eNuW:
4.56m).

Against this backdrop, we reflect the Wizz Air impact in our estimates and
derive a new PT of EUR 58.00 (old: EUR 60.00), based on DCF, supporting our HOLD
recommendation.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=366be072a83ba446acd2cfdb77ade744
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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2196586 12.09.2025 CET/CEST

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