Flughafen Wien: Strong Q1 amid choppy skies - NuWays AG Research

Flughafen Wien delivered a strong Q1, with sales and EBIT slightly ahead of consensus and the FY26 guidance confirmed. Q1 should be read in context: airport charges were already lower from 1 January, while traffic still reflected the largely intact winter schedule. The print confirms solid execution on controllable levers.

Consequently, we continue to see the current traffic weakness as a BUYing opportunity. The guidance already embeds a sharp slowdown after Q1, while capacity additions, easing fuel supply concerns and potential Middle East normalisation provide upside potential. An end to the Ukraine war and a Middle East normalisation could together lift passengers volumes by c. 8% (eNuW).

BUY, PT € 57, based on DCF.

Länk till analysen i sin helhet: https://www.nuways-ag.com/research/strong-q1-amid-choppy-skies