Flughafen Wien AG (FLW1) Q2 2026 Earnings Report

The call presented a mix of encouraging operational and financial developments — raised passenger and financial guidance, profit growth, strong outperformance in Malta and Kosice, operational awards and on-schedule infrastructure expansion — alongside meaningful and persistent headwinds: Vienna traffic decline, low-cost carrier capacity shifts, substantial Middle East disruption, high fuel costs, reduced liquidity from dividends and heavy ongoing CapEx, and regulatory/tax competitiveness issues. Management has taken cost actions and sees pockets of robust growth, but material external risks and liquidity/cost pressures limit the optimism.

Management raised full‑year guidance, lifting group passenger guidance to ~42.5 million (from 41.5m) with Vienna targeted at ~30.5 million (up 0.5m), and set financial guidance of revenue ≈EUR 1.080 billion, EBITDA ≈EUR 425 million, net profit before non‑controlling interest ≈EUR 220 million and net profit attributable to equity holders ≈EUR 190 million, with CapEx guidance of ≈EUR 330 million; underlying H1 trends showed revenue essentially flat (+0.9%), EBITDA +7.3% and EBIT +9.1%, group H1 net profit EUR 123.2m (+7%) (after minorities EUR 108.3m, +5.4%), group traffic +1.9% (driven by Malta +15.6% and Kosice +43.5% while Vienna was -3.2% and July Vienna -4.7%), seat load factor +1.7 percentage points, other operating expenses down 13.8% to EUR 74.6m, personnel costs only +1.2% amid ~200 headcount reductions, YTD CapEx EUR 150.8m, net liquidity reduced by dividend payments and investments, and an equity ratio of 72.4%.