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 EQS Group.

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 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:              Hold
     from:                        25.06.2025
     Target price:                EUR 60.00
     Target price on sight of:    12 months
     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 numbers
declined by 2.6% yoy in Q1. This was overcompensated by low-cost carriers
(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 is
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% respondents
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
++++++++++
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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2160056 25.06.2025 CET/CEST