Flughafen Wien (FLU) Q4 2024 earnings summary

Executive summary

• Revenue reached €1,052.7 million in 2024, up 13% year-over-year, with group net profit rising 27% to €239.5 million.

• Passenger numbers hit a record 31.7 million at Vienna Airport (+7.4%), with strong growth at Malta (+14.8%) and Košice (+18.2%).

• Dividend increased to €1.65 per share (+32%), yielding 3.2%, with a total distribution of €138.4 million.

• Major investment program underway, including Terminal 3 Southern Expansion and Office Park 4, with 2025 CAPEX set to rise to €300 million, fully funded from internal resources.

• Malta International Airport contributed €46 million to net profit, highlighting its strategic importance.

Financial highlights

• EBITDA rose 12.4% to €442.3 million; EBIT increased 16.9% to €306.1 million.

• Cash flow from operating activities improved 15% to €443.7 million; free cash flow reduced to €114.2 million due to higher CAPEX.

• Net liquidity increased to €511.6 million; equity up 7% to €1,667.2 million; equity ratio at 69.5%.

• Dividend payout represents about two-thirds of net profit.

• Personnel expenses rose 10.5% due to a new collective agreement and 263 additional employees.

Outlook and guidance

• 2025 guidance: revenue at least €1.08 billion, EBITDA €440 million or above, net profit €230 million or above, CAPEX around €300 million.

• Passenger forecast for 2025: 42 million for the group, 32 million at Vienna Airport.

• Management views guidance as conservative, with potential for outperformance if positive trends continue.

• Slight growth in passenger numbers expected for 2025, with strong early bookings and ongoing supply bottlenecks for aircraft.

• Guidance assumes no major new geopolitical disruptions or flight restrictions.