Flughafen Wien (FLU) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 increased by 14.1% to €488.4 million, with EBITDA up 15.5% to €204.9 million and net profit rising 31.1% to €108.4 million compared to H1 2023.

• Passenger volume grew 10.1% to 18.7 million, surpassing pre-pandemic levels, with Vienna Airport up 7.9%, Malta Airport up 18.4%, and Košice Airport up 9.4%.

• Growth was driven by higher passenger and cargo volumes, positive financial results, and broad-based improvements across all business areas.

• The company achieved a record market capitalization of €4.5 billion, with share price at an all-time high of €54.0, surpassing Fraport.

• Ongoing ecologisation efforts include CO2-neutral operations, the launch of a 10th photovoltaic facility now covering about half of the airport's electricity needs, and a target of net zero CO2 emissions by 2033.

Financial highlights

• EBIT rose 23.2% to €138.7 million; net profit after non-controlling interests up 31.5% to €97.3 million year-over-year.

• Free cash flow more than doubled to €104.1 million; capex nearly tripled to €83.1 million, mainly for Terminal 3 expansion and Malta Airport projects.

• Equity ratio at 69.7%; net liquidity €349.1 million, only slightly down despite record dividend payments.

• EBITDA margin improved to 42.0%, EBIT margin at 28.4%, and cash flow from operations at €178.3 million.

• Dividend payments totaled €118.8 million in H1 2024, the highest in company history.

Outlook and guidance

• 2024 guidance: revenue above €1 billion, EBITDA above €400 million, group net profit above €220 million, and capex above €200 million.

• Passenger forecast raised: over 30 million for Vienna Airport, over 39 million for the Group, with potential to exceed 31 million if geopolitical tensions remain stable.

• All investments to be financed from cash flow; no new borrowing planned.

• Airport charges will increase by inflation (3–4%) in 2025, with a likely reduction in 2026 as regulatory formula resumes.