Flughafen Wien (AO) | Hold | Solid Q1; guidance unchanged despite cautious management tone

Research evidence excerpt

Flughafen Wien (AO) | Hold | Solid Q1; guidance unchanged despite cautious management tone

News comment

Release date: 21 May 2026

Carlos Caburrasi

Equity Research Analyst

Hold +34 914 36 52 02Flughafen Wien ccaburrasiortega@keplercheuvreux.com

Austria | Airlines & airports Beta Profile: MCap: EUR4.1bn

Target Price: EUR52.50 Bloomberg: FLU AV Reuters: VIEV.VI

Current Price: EUR48.60 Free float 6%

Up/downside: 8.0% Avg. daily volume (EURm) 0.1

YTD abs performance -12.9% Market data: 20 May 2026

52-week high/low (EUR) 56.20/48.50

Solid Q1; guidance unchanged despite cautious management tone

Key points:

Flughafen Wien's Q1 revenue came in 5% ahead of consensus at EUR244m (+7% YOY), mainly driven by continued traffic growth

at Vienna Airport, including additional transit passengers from Air India for refuelling purposes, the termination of incentives,

higher de-icing revenues, and the solid development of Malta Airport. At the bottom-line, despite margin expansion, net profit

was fully in line with expectations at EUR37m (+4% YOY).

Despite higher income tax payments and capex, the company closed the quarter with a broadly unchanged net cash position of

EUR407m, from EUR414m as of 31 December 2025.

Management is cautious for the full-year in light of rising risk factors. In addition to direct impacts, such as airspace closures and

flight cancellations, it does not rule out potential indirect effects from higher fuel costs, airline capacity adjustments, and higher

ticket prices. On jet fuel supply in Vienna, the company sees no threat, citing the airport's stable and efficient supply chain,

supported by its proximity to OMV refineries.

Despite the cautious tone for the full-year, guidance remains unchanged, both for passenger numbers at Vienna (c. 30m) and for