Flughafen Wien (FLU) Q4 2025 earnings summary

Executive summary

• Revenue increased by 7.2% year-over-year to €1,128.9 million in 2025, driven by strong passenger and non-aviation business growth across all divisions and subsidiaries.

• Net income declined to €210.1 million from €239.5 million due to a €55.9 million one-off asset derecognition related to the abandoned third runway project.

• All divisions and international investments contributed positively to earnings, with Malta Airport accounting for roughly one-fourth of group net profit and notable growth.

• Record passenger traffic in 2025: Vienna Airport reached 32.6 million, Malta Airport surpassed 10 million, and 2026 forecasts are 30 million at Vienna and 41.5 million for the group.

• Dividend proposed at €1.65 per share, maintaining a 75% payout ratio, above previous guidance.

Financial highlights

• EBITDA margin decreased from 42% to 36.5%; EBIT margin fell from 29.1% to 24.8% year-over-year, with EBITDA at €412.4 million and EBIT at €279.5 million.

• Free cash flow rose to €159.3 million, while net liquidity dropped from €511 million to €413.8 million due to dividend payout and investments.

• Equity increased to €1,726.9 million, with an equity ratio of 71.6%.

• Personnel expenses rose by up to 12%, while consumables and energy costs remained flat.

• Capital expenditures rose by 48.2% to €281.3 million, mainly for terminal expansion and infrastructure.

Outlook and guidance

• 2026 guidance: revenue of about €1,050 million–€1.5 billion, EBITDA of €415 million, group net profit of €210 million, and CapEx of €330 million.

• Anticipated 4.6% revenue decline and a drop in Vienna passenger numbers, offset by growth in Malta and Košice.

• Cost optimization program expected to keep net income stable despite lower revenues.

• Dividend expected to remain stable in 2026 if expectations are met.

• Planned record investments of €330 million in Vienna and Malta, financed without new debt.