Flughafen Wien AG

The group said first-half 2026 revenue rose 0.9%, EBITDA increased 7.3%, EBIT increased 9.1%, net profit was EUR 123.2 million (+7%), and net profit attributable to equity holders was EUR 108.3 million (+5.4%). Passenger growth in the first half was 1.9%, helped by Malta (+15.6%) and Kosice (+43.5%), while Vienna was down 3.2%. Management raised full-year 2026 guidance to approximately 42.5 million passengers, including 30.5 million in Vienna, revenue of around EUR 1.080 billion, EBITDA of around EUR 425 million, net profit before noncontrolling interest of around EUR 220 million, net profit attributable to equity holders of around EUR 190 million, and capex of EUR 330 million.

The lead executive framed the quarter as a mix of external pressure and internal execution: Vienna was hurt by lower tariffs, Wizz Air’s move from Vienna to Bratislava, reduced Ryanair capacity, and Middle East conflict, but Malta and Kosice more than offset some of that weakness. Tone-wise, he was cautiously upbeat, emphasizing that the business is improving enough to raise guidance while still warning that visibility remains limited if the Middle East deteriorates or the winter schedule turns weaker than expected. He also highlighted AirportCity development, new companies at SpaceHub, and the planned South Expansion as strategic growth projects.

The financial commentary emphasized disciplined cost control and investment-driven earnings growth. Operating expenses showed mixed trends: other operating expenses fell 13.8% to EUR 74.6 million, personnel expenses rose only 1.2% despite about 200 fewer employees, and depreciation and amortization increased slightly, with management saying that trend should continue because of investments in Vienna and Malta. Cash flow and free cash flow were slightly lower year over year, capex reached EUR 150.8 million in the period, net liquidity declined because of dividends and investments, and the equity ratio remained at 72.4%.

Analysts focused on the Austrian government’s EUR 30 million per year allocation, the winter flight schedule, the handling segment outlook, traffic guidance, and the aviation tax. Management said the EUR 30 million is already passed and should mainly be used to reduce the ticket tax, which they see as a major burden for low-cost carriers; they also warned that if nothing changes, airlines could make further capacity cuts. On winter scheduling, management said visibility is limited but some route cancellations are possible, while on handling they still expect the segment to stay in positive EBIT territory for the full year, even without de-icing income. On traffic, management said the Vienna guidance includes caution for Middle East risk and possible winter reductions, and they now think Austrian is offsetting more of the Wizz/Ryanair capacity gap than originally expected, roughly around 40%.