Flughafen Wien AG: HOLD Rating Amidst Mixed Forecasts for 2026

NuWays AG has reiterated its HOLD recommendation for Flughafen Wien AG, with a target price of EUR 57 for the next 12 months. The Vienna Airport reported notable year-end traffic, outperforming peers with a 9.3% increase in December. However, guidance for 2026 anticipates a 7% year-on-year decline in passenger numbers to 30.2 million. This results from low-cost carriers like Ryanair and Wizz Air reducing capacity.

Despite these challenges, Austrian Airlines and other smaller carriers may offset passenger declines. Malta and Kosice airports might see a 7% passenger increase in 2026. Sales are expected to fall 5% to EUR 1,060 million, while net profit is projected to rise by 3% due to efficiency measures.

Capital expenditure remains high, with EUR 330 million allocated for 2026, including EUR 125 million for Vienna Airport's Terminal 3 expansion. Key events in 2026 include potential changes in Austrian aviation taxes and updates on the Ukraine conflict.