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Original-Research: Flughafen Wien AG - from NuWays AG

25.06.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

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: Hold

from: 25.06.2025

Target price: EUR 60.00

Target price on sight of: 12 month

Last rating change:

Analyst: Henry Wendisch

Summer kick-off at strong levels and above peer group

Topic: Last week, FWAG released May traffic figures at strong levels, but

with less momentum. Nevertheless, the numbers defy fears of passenger

downturns. In detail:

In May, group passenger numbers rose by 3.7% yoy to 3.75m, whereof VIE grew

by 2% yoy (75% of passengers), MLA by 8% yoy (24% of passengers) and KSC by

31% yoy (1% of passengers). On a YTD basis, this translates into an increase

of 5.5% yoy at group level, whereof VIE grew by 3% yoy, MLA by 13% yoy and

KSC by 24% yoy.

Low-cost carriers support VIE growth. The (in relative terms) weaker growth

visible at VIE is largely explained by a softer start into the year from the

Lufthansa Group (46% market share at VIE), whose total passenger number

declined by 2.6% yoy in Q1. This was overcompensated by low-cost carrier

(32.5% market share), which have gained further market share at VIE with a

growth of 7.4% yoy in Q1. Mind you, a higher share of low-cost carriers i

generally attractive for airports, as they usually have higher seat-load

factors and are charged mostly the same fees as premium carriers.

Leading the peer group overall: By showing a group wide YTD growth of 5.5%

yoy, FWAG is currently only outperformed by Athens (+8.5% yoy). All other

major European airports in the peer group show less passenger growth than

FWAG (Frankfurt: +1% yoy, Munich +3% yoy, Zurich: +3% yoy, Madrid: 3.6% yoy

and Paris: 4.6% yoy). This highlights the above average travel demand at

FWAG, in our view.

Quality leader. Again and again, VIE wins renowned awards such as "Best

Airport Staff Europe" from Skytrax. The high quality also becomes visible in

non-financial KPIs such as punctuality (#1 in Europe) and security waiting

times (95% wait less than 5 min). Only recently, a study conducted by AÖV

(Austrian Airports Association) showed that more than 78% respondent

awarded top marks for passenger satisfaction at Austrian airports, with VIE

making up a large part of that. All this leads to happy passengers which

directly leads to happy customers (i.e. airlines).

In sum, the upcoming summer season should defy concerns about dropping air

travel demand, as we expect the high figures from last year to be defended

thanks to a very resilient demand and slight capacity increased from the

airlines. The stock however remains a HOLD with unchanged PT of EUR 60.00,

based on DCF.

You can download the research here: http://www.more-ir.de/d/32910.pdf

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

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlu

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2160056 25.06.2025 CET/CEST

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