Flughafen Wien AG: A Steady Start to 2025 with Growth Moderation Expected

Flughafen Wien AG (FWAG) reported solid passenger growth in January 2025, with a 4.8% year-on-year increase to 2.44 million passengers. This growth was driven by Vienna International Airport's (VIE) increase of 3.4%, reaching 1.89 million passengers. Meanwhile, Malta International Airport (MLA) and Kosice Airport (KSC) maintained strong growth momentum with increases of 9% and 22% respectively.

However, there was a notable shift towards local passengers, reducing the share of transfer passengers to 18%, down from 20% in the previous year. Despite strong growth in long-haul destinations, the overall passenger momentum at FWAG is expected to slow to low single digits in FY 2025 due to challenging comparisons with last year's record numbers.

FWAG anticipates 2025 sales of approximately €1.08 billion and an EBITDA of €440 million. NuWays AG maintains a "Hold" recommendation with a target price of €60.00.