Flughafen Wien: Q2 preview: guidance leaves ample room for upside, chg. - NuWays AG Research
Flughafen Wien will release its H1 report on 19 August. We expect resilient Q2 figures and see the conservative FY26 guidance paving the way for positive surprises in H2. Here is what to expect:
ANNONS
Q2 sales look set to decline 3.2% yoy to € 289m (eNuW). Group traffic was broadly flat at -0.4% yoy, with the mix shifting to Malta +15.6% and Kosice +45%, while Vienna declined 6.5% yoy, reflecting the expected low-cost-carrier reductions as well as Middle-East traffic below pre-crisis levels. Moreover, Q2 should see the full impact of the reduced airport charge scheme. Following Covid 19, this reflects a return to a stable long-term formula, which should broadly track inflation in the coming years. Hence pricing is expected to again return to a tailwind in 2027.
All in all, the investment case remains fully intact: FWAG combines infrastructure grade earnings quality with structural growth, strict cost discipline and debt free funding of investments (€ 330m in 2026e), leaving ample room for attractive dividends (c. 3.6% yield). With increased estimates and the guidance upside as a potential catalyst, the risk/reward remains compelling.
