Flughafen Wien (FLU) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw revenue rise 7.4% to €225.9 million and net profit increase 7.3% to €39.9 million, with EBITDA up 2.2% to €81.3 million, despite calendar effects and geopolitical headwinds.

• Group passenger numbers grew 4.6% to 7.9 million, led by Malta (+14%) and Košice (+21%), while Vienna Airport grew 1.8%.

• Non-aviation businesses such as lounges, restaurants, parking, and advertising contributed positively to revenue.

• Major investments are ongoing, including the Terminal 3 Southern Expansion and projects at Malta Airport.

• Financial results exceeded expectations, with positive developments in both aviation and non-aviation businesses.

Financial highlights

• Revenue: €225.9 million (+7.4%); EBITDA: €81.3 million (+2.2%); EBIT: €48.7 million (+4.9%); Net profit: €39.9 million (+7.3%).

• Cash flow from operating activities rose to €95.2 million (+39.6%); free cash flow improved to €6.4 million.

• Net liquidity increased to €562.1 million; equity at €1,708.6 million with a stable equity ratio of 69.3%.

• Personnel expenses increased by 8–12% and other operating expenses by 16.2%, while depreciation and amortization decreased slightly.

• Dividend payment of €138–138.4 million planned for Q2 2025.

Outlook and guidance

• 2025 guidance reaffirmed: revenue ~€1,080 million, EBITDA ~€440 million, group net profit ~€230 million, capex ~€300 million.

• Passenger volume expected at 32 million for Vienna Airport and 42 million for the group.

• Good summer booking situation and slight capacity growth anticipated.

• Optimism for meeting targets, barring extraordinary events or major international disruptions.