Flughafen Wien (FLU) Q3 2024 earnings summary

Executive summary

• Net profit rose 19.4% to €207 million in Q1-3/2024, with Malta contributing around €40 million and all segments showing strong momentum.

• Revenue increased 13.3% to €792.5 million, EBITDA up 10.8% to €368.1 million, and EBIT up 14.4% to €268.7 million year-over-year.

• Passenger numbers reached 31.6 million YTD, up 9.1% year-over-year and 5.2% above 2019, with Malta Airport passenger growth at 15.5%.

• Equity ratio remained strong at 70.1%, and net liquidity improved to €435.4 million despite high investments and a record dividend payout.

• Major investments included €54.4 million for Vienna's Southern Terminal Expansion and €39.7 million in Malta Airport projects.

Financial highlights

• Q1-3/2024 revenue: €792.5 million (+13.3% year-over-year); EBITDA: €368.1 million (+10.8%); EBIT: €268.7 million (+14.4%); net profit: €207.0 million (+19.4%).

• Free cash flow increased to €114.4 million; net liquidity rose 20.3% to €435.4 million; equity ratio at 70.1%.

• Capital expenditure more than doubled to €131.0 million, mainly for terminal expansion and Malta projects.

• Earnings per share rose to €2.23 (Q1-3/2023: €1.87).

• Market capitalization recently at €4.5 billion.

Outlook and guidance

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

• Vienna Airport expected to exceed 30 million passengers in 2024; group total to surpass 39 million.

• No significant growth expected in 2025 due to macroeconomic and geopolitical uncertainties.

• Airport charges to increase by 4.6% in January 2025, then decrease by about 4.5% in January 2026.

• Guidance assumes no further major geopolitical disruptions or traffic restrictions.