NuWays AG Maintains "Hold" on Flughafen Wien AG Amid Q1 Growth

NuWays AG has issued a "Hold" recommendation for Flughafen Wien AG, keeping the target price at €60. The assessment comes after reporting a resilient growth in passenger traffic in the first quarter of 2025. In March, group passenger numbers rose by 4.1% year-over-year to 2.99 million, with Vienna International Airport (VIE) noting a 0.9% increase due to the late Easter holiday. Despite higher ticket costs and geopolitical tensions, the demand for air travel remains strong, as indicated by a total of 7.93 million passengers in the first quarter, marking a 4.6% growth compared to 2024.

The passenger mix at VIE shifted back towards a higher share of transfer passengers, crucial for hub airports as they typically spend more. The impact of the new US presidency appears limited, with North America comprising only 3% of VIE's market. Despite potential economic challenges from tariffs, consumer demand for air travel is robust. The anticipated 4.6% increase in airport charges aligns with the passenger growth, projecting a 7% rise in Q1 sales to €224 million.