Flughafen Wien (FLU) Q3 2025 earnings summary

Executive summary

• Revenue for Q1-3/2025 increased by 6.7% to €845.5 million, EBITDA rose 2.4% to €377.1 million, and group net profit grew 4.2% to €215.7 million, reflecting strong operational performance despite ongoing cost pressures.

• Passenger numbers reached 32.9 million, up 4.0%, with Malta Airport up 10.8% and Vienna Airport up 1.9%.

• The company is implementing efficiency and cost reduction programs to address rising costs and expected lower traffic in 2026.

• Equity ratio improved to 70.9%, and the group remains debt-free, supporting ongoing investments in Terminal 3 and AirportCity projects.

• Despite strong results, headwinds are expected in 2026 due to low-cost carrier reductions and regulatory changes affecting airport charges.

Financial highlights

• EBITDA margin declined to 44.6% from 46.5% year-over-year, and EBIT margin to 33% from 33.9%, mainly due to increased personnel and operating expenses.

• Personnel expenses rose 9.2% (or 13.4% including consolidation effects), and other operating expenses increased 11.6%.

• Cash flow from operating activities decreased to €268 million, while free cash flow rose 26.8% to €145.1 million.

• CapEx increased 52.2% to €199.5 million, with full-year CapEx expected just below €300 million.

• Net liquidity declined to €438.1 million, mainly due to high dividend payouts and investment cycle.

Outlook and guidance

• 2025 guidance confirmed: revenue around €1,080 million, EBITDA €440 million, group net profit about €230 million, and CapEx close to €300 million.

• Passenger numbers expected to reach 32 million in Vienna, nearly 10 million in Malta, and a group record of over 42 million.

• 2026 outlook is challenging due to expected reduction of 2.5 million passengers from Ryanair and Wizz Air, and a 4.6% reduction in passenger charges, but partial compensation is anticipated from other carriers.

• Cost reduction and efficiency measures are being implemented to offset lower traffic and tariff reductions.