Flughafen Wien AG Posts Positive Q2 Results, Maintains HOLD Recommendation

Flughafen Wien AG recently released its Q2 2025 results, meeting and slightly exceeding expectations. The company's sales grew by 7.4% year-on-year, reaching €299 million. This growth was fueled by a 4.8% increase in group passenger numbers and higher fees. Notably, the Malta segment continued to outperform with a 10% increase in sales to €43 million.

The company's EBITDA remained robust at €130 million, achieving a 43.7% margin despite a slight decrease due to increased personnel costs. The Airport, Retail & Properties, and Malta segments all reported EBITDA growth, albeit with slightly lower margins.

However, the decision regarding the construction of a third runway remains pending, creating some uncertainty for the future. As a result, NuWays AG has maintained a HOLD recommendation with an unchanged target price of €60.00. The fundamental decision on the third runway could lead to a reassessment of the company's valuation.