Flughafen Wien (FLU) Q2 2025 earnings summary

Executive summary

• Revenue increased 7.4% to €524.4 million in H1 2025, with EBITDA up 3.3% to €211.7 million and net profit up 6.2% to €115.1 million; Malta Airport outperformed with 11.7% passenger growth and strong financial contributions.

• Passenger numbers rose 4.7% to 19.6 million, with group traffic reaching 24 million January–July and cargo volume up 9.1%.

• Operational performance improved, with Vienna among the most punctual large airports in Europe.

• Ongoing cost pressures, especially in personnel and operating expenses, partially offset margin gains.

Financial highlights

• EBITDA margin declined to 40.4% (from 42.0%) due to cost increases, especially personnel expenses, which rose 12%.

• Net liquidity at €398.4 million, down from €511 million, mainly due to €147 million in dividends.

• Equity ratio remains strong at 68.7%.

• CapEx reached €140.2 million in H1, with full-year projections around €300 million, focused on terminal expansion and Malta.

• Free cash flow improved to €147.4 million, up 41.5% year-over-year.

Outlook and guidance

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

• Full-year 2025 passenger forecast: ~32 million for Vienna, ~42 million for the group.

• 2026 outlook uncertain due to tariff changes (passenger charges -4.6%, landing fees -2.15%) and competitive airline environment.

• Airlines remain cautious for H2/2025 due to economic uncertainties and Middle East conflict.