Flughafen Wien’s May traffic data were better than feared and support our positive stance on the stock. Group passenger numbers returned to growth, rising 0.7% yoy to 3.9m, while Vienna Airport improved sequentially to -5.4% yoy after -8.2% in April. Malta remained the key growth driver, with passengers up 16.5% yoy to 1.1m. With Group PAX now up 2.4% yoy after five months, the FY26 guidance of c. 41.5m passengers looks increasingly conservative, as it implies an increasingly unlikely 8.3% yoy decline for June to December.
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