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

11.11.2026 / 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.

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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: BUY Target price: EUR 59 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller

Q3 preview: Malta to cushion softer Vienna traffic, chg.

Flughafen Wien will report Q3 results on 19 November. We expect cost discipline and continued growth in Malta to cushion weaker traffic and lower airport charges in Vienna. The results should reinforce our view that FY26 guidance remains too cautious, even with a subdued winter already embedded in our estimates.

Malta continues to cushion Vienna's traffic decline. Reported group passenger numbers fell c. 1% yoy to 13.1m in Q3. Vienna declined c. 6% yoy to 9.2m, reflecting less low-cost carrier capacity and Middle East disruption. Malta grew c. 13% yoy to 3.5m, supported by additional airline capacity. Together with Vienna's lower airport charges, this should lead to Q3 sales of EUR 308m, down 4.1% yoy (eNuW).

Cost discipline should protect profitability. EBITDA is expected to come in at EUR 160m, down 3.3% yoy, implying a 0.4pp margin improvement to 51.9%. Lower staffing levels should continue to cushion wage inflation. The benefit was already visible in Q2, when personnel expenses fell 2.8% yoy. Malta's higher traffic should provide additional operating leverage. Net profit after minorities is seen at EUR 86.3m, down 5.5% yoy.

The guidance still implies an excessive Q4 slowdown. Against our 9M EBITDA estimate of EUR 387m, the EUR 425m full-year target leaves just EUR 38m for Q4. This implies a 58% decline versus Q4 25, adjusted for the EUR 55.9m third-runway charge (Q4 25 one-off). Our new FY26 EBITDA estimate of EUR 440m implies EUR 53m in Q4, c. 40% above the guidance-implied level, yet still conservatively down 42% yoy on an underlying basis.

Resilient demand should cushion winter capacity cuts. Austrian Airlines' 3% Q3 passenger growth across its network despite higher fares highlights underlying demand strength. Higher fuel costs have prompted the airline to cut network-wide winter capacity by 5%, with Ryanair also reducing its group winter plans. These adjustments fit the subdued winter already assumed in the forecasts. FWAG may need to offer higher incentives to retain airline capacity in Vienna, tempering group EBITDA margin expansion in 2027e (9M 26e: +1.6pp yoy, eNuW). In Malta, where winter frequency additions largely offset reductions, structural demand growth should support higher seat load factors and further passenger growth.

The 2027 recovery has drivers beyond passenger growth. Inflation-linked tariff adjustments should support revenue after the 2026 reset. T3 South remains on time and on budget for a Q2 2027 opening, expanding Vienna's retail and gastronomy space by c. 50% and adding new lounges. This should lift hospitality revenue per passenger (eNuW: +17% yoy in 2027e). Meanwhile, flight-tax relief remains undecided, with Finance Minister Marterbauer ruling out unfunded abolition on 9 November. Political support for a reduction is growing. Any cut would improve Vienna's cost competitiveness.

The high-quality infrastructure case remains intact. FWAG owns its Vienna infrastructure outright, with no concession expiry. Aviation, retail and property income provide a diversified earnings base with long-term exposure to growing air travel. Net cash of EUR 265m and an equity ratio of 72% at H1 provide financial flexibility to fund expansion and dividends (c. 3.4% yield).

Action: FY26 EPS raised by c. 2% on better traffic assumptions and 2027 D&A slightly increased for T3 South's expected Q2 opening.

BUY, with unchanged PT at EUR 59, based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=ddc42a72e31b230b2167ff33e51b41e0 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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2432322 11.11.2026 CET/CEST

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Quelle: dpa-Afx