Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Investor Presentation (September 2026)
46 slides from Flughafen Wien's investor presentation, September 2026
Slide 1: Flughafen Wien Investor Presentation
Flughafen Wien Investor Presentation September 2026
Slide 2: Flughafen Wien AG: company profile
PAX Vienna Airport 2024: 31.7 mn 2025: 32.6 mn Flughafen Wien AG: company profile 2026e: approx. 30.5 mn − Vienna Airport 32.6 million PAX in 2025 (31.7 million in 2019) PAX Flughafen Wien Group (incl. Malta, Košice) − Vienna Airport Group consisting of Vienna Airport, Malta Airport and Košice Airpo
Slide 3: Investment Case Vienna Airport share
Investment Case Vienna Airport share − Trend growth – long term structural increase in flight traffic Growth − Non-aviation – expansion of retail & gastronomy, development of the AirportCity − Complete elimination of debt, net liquidity of € 265 million in H1/2026 Financial strength − Payout ratio o
Slide 4: Structural passenger growth
Structural passenger growth Trend growth and rapid recovery after downturns PAX european airports (in millions)1 PAX Vienna Airport (in millions) 2.500 30,0 2.250 CAGR CAGR 2.000 2000-2019 25,0 2000-2019 1.750 4,7% 5,3% 20,0 1.500 1.250 15,0 1.000 10,0 750 500 5,0 250 - - 2000 2005 2010 2015 2020 20
Slide 5: Long-term expansion of global aviation
Long-term expansion of global aviation Studies by Airbus & Boeing (horizon 2045) Doubling of the current fleet1 − Airbus and Boeing expect close to a doubling of the 45,550 global aircraft fleet to approx. 46,000 airplanes by 2045 (+3.4% p.a.) − Expansion will be mainly driven by the Asia-Pacific re
Slide 6: LCC Reduction and New Route Offerings in 2026
LCC Reduction and New Route Offerings in 2026 New airlines, destinations & frequency increases cushion the effects of LCC reductions SAS: New Copenhagen service with 12 weekly frequencies WizzAir → Closure of the Vienna base since mid-March Scoot: Increased Singapore service to 4 weekly frequencies
Slide 7: Tariff regulations
Tariff regulations Competitive tariff and incentive system − Price cap of the adjustments to charges and the methodology of the adjustments are regulated by the Airport Charges Act − Due to the expiry of the Covid-19 special regulation (adjustment of airport charges in line with average inflation),
Slide 8: Leveraging non-aviation potential
Leveraging non-aviation potential Terminal 3 Southern Expansion − Enlargement of Terminal 3 by approx. 70,000 m² (“Terminal 3 Southern Expansion“) − Passengers await an enhanced quality of their time at the airport featuring greater comfort, service and a significant expansion of their shopping and
Slide 9: The AirportCity is growing quickly
The AirportCity is growing quickly Boom in business location projects – development of the landbank − Real estate development as a key pillar: leased space has doubled over the past 10 years to more than 200,000 m² − Vienna Airport location with 23,500 employees − Ongoing strong interest in office a
Slide 10: Ownership of property and buildings
Ownership of property and buildings Contributes to a higher enterprise value − Flughafen Wien AG is the owner of all properties (about 1,080 hectares), the buildings enabling airport operations as well as the main car parks, business premises and office buildings − No concession fees in contrast to
Slide 11: Growth projects in the coming years
Growth projects in the coming years Flughafen Wien Group is investing in quality and capacity expansion Vienna Airport – New terminal, office and logistics infrastructure Terminal development Apron and runway system → Terminal 3 Southern Expansion → New de-icing areas → Terminal 3 remodelling → Expa
Slide 12: Debt-Free Balance Sheet Underpins Financial Strength
Debt-Free Balance Sheet Underpins Financial Strength Financial Flexibility and Positive Financial Result Net liquidity (in € million) − Net liquidity at € 265 million in H1/2026 (FY 2025: € 414 million) 414 400 − Financial leeway for investments and dividends 265 200 − Robust balance sheet structure
Slide 13: Incoming traffic to the destination of Vienna
Incoming traffic to the destination of Vienna Tourism hotspot & congress city, international organisations & headquarters − Vienna is among the top 10 tourist cities in Europe1 → 8.6 million visitor arrivals in 2025, +5.2% yoy; H1 2026: +3.0% yoy → Airplane preferred means of travel (39% of all trav
Slide 14: Outgoing traffic: Catchment-Area
Outgoing traffic: Catchment-Area Prague 17.8 mn Pax Destinations: 187 Population of Catchment-Area Continental: 146 Intercontinental: 41 6.6 mn 15.3 mn 24.0 mn Destinations: 79 The catchment area encompasses Continental: 61 both one of Europe‘s most Intercontinental: 18 prosperous and fastest-growin
Slide 15: Punctuality January-July 2026
Punctuality January-July 2026 Quality (Top 15, hub airports >25 million PAX)1 Oslo OSL Vienna Airport ranks London LHR among Europe‘s most Copenhagen CPH punctual flight hubs1 Vienna VIE Dublin DUB The high quality strengthens the relative Amsterdam AMS market position of London STN Austrian Airline
Slide 16: Consistent energy and environmental management
Consistent energy and environmental management Sustainability as the basis for successful and responsible actions − Since 2023, CO2-neutral operation of Vienna Airport according to the definition of the Airport Carbon Accreditation (ACA, Level 3+) of the Airport Council International (ACI); the rema
Slide 17: Annual cargo volume of over 300,000 tonnes
Annual cargo volume of over 300,000 tonnes Strong growth in pharmaceuticals − In 2025 cargo volume at Vienna Airport reached 313,763 tonnes, +5,3% compared to the previous year - belly cargo +11%, trucking +17% − Cargo volume at Vienna Airport remained stable at a high level in H1/2026 (+0,2% to 154
Slide 18: Traffic forecast for 2026
Traffic forecast for 2026 Flughafen Wien AG Guidance 2026 2025 Passengers approx. 30.5 million 32.6 million Flughafen Wien Group Guidance 2026 2025 Passengers approx. 42.5 million 43.4 million − Passenger guidance raised (on 19 Augut 2026) for the Flughafen Wien Group to approx. 42.5 million passeng
Slide 19: Financial guidance 2026
Financial guidance 2026 − Slight increase in financial Revenue approx. € 1,080 million guidance following the publication of the H1/2026 results EBITDA approx. € 425 million − Updated financial guidance indicates a moderate earnings improvement Group net profit b.m. approx. € 220 million compared to
Slide 20: Business & Traffic Results H1/2026
Business & Traffic Results H1/2026
Slide 21: Traffic development of the Flughafen Wien Group
Traffic development of the Flughafen Wien Group Growth of 1.9% in H1/2026 thanks to strong increases in Malta and Košice Flughafen Wien Group1 H1/2026 Δ H1/2025 1-8/2026 Δ 1-8/2025 passenger development Vienna Airport (millions) 14.3 -3.2% 20.6 -4.0% Malta Airport (millions) 5.2 +15.6% 7.7 +14.9% Ko
Slide 22: Passenger decline at Vienna Airport in H1/2026
Passenger decline at Vienna Airport in H1/2026 Higher capacity utilisation of Austrian Airlines cushions impact of LCC reductions Vienna Airport1 passenger H1/2026 Δ H1/2025 1-8/2026 Δ 1-8/2025 develop. Passengers (millions) 14.3 -3.2% 20.6 -4.0% Local passengers (millions) 11.2 -3.9% 16.1 -4.6% Tra
Slide 23: Regional passenger development in H1/2026
Regional passenger development in H1/2026 Focus on intra-European routes Europe − Europe accounts for 86.3% of total -2.1% passenger volume thereof 86.3% thereof Western Europe Growth on long-haul routes Growth e.g., to Frankfurt, Eastern Europe +0.3% -12.1% Decline e.g., to Tirana, Istanbul, Copenh
Slide 24: Market share of airlines
Market share of H1/2026 Share Passengers PAX Δ vs. H1/2025 airlines 1. Austrian 48.7% 6,942,867 +6.1% 2. Ryanair/Lauda 20.7% 2,953,039 -5.4% Austrian Airlines clearly 3. Eurowings 2.5% 357,267 +1.5% remains the number one 4. Turkish Airlines 2.0% 281,551 +13.9% airline at Vienna Airport 5. Pegasus A
Slide 25: Higher profitability despite stagnant revenue
Higher profitability despite stagnant revenue EBITDA +7.3%, Group net profit +7.0% € million H1/2026 H1/2025 Δ Revenue 529.3 524.4 0.9% Earnings before interest, tax, depreciation and amortisation (EBITDA) 227.1 211.7 7.3% Earnings before interest and taxes (EBIT) 159.4 146.1 9.1% Financial result 5
Slide 26: Reduction of operating expenses
Reduction of operating expenses Effective implementation of cost-saving and efficiency enhancement measures € million H1/2026 H1/2025 Δ Consumables and services used -28.1 -28.2 -0.3% Personnel expenses -208.0 -205.4 1.2% Other operating expenses1 -74.6 -86.5 -13.8% Depreciation and amortisation -67
Slide 27: Lower cash flow and reduced net cash position
Lower cash flow and reduced net cash position Strong balance sheet enables growth investments in Vienna and Malta € million H1/2026 H1/2025 Δ Cash flow from operating activities 147.0 157.1 -6.4% Free cash flow 133.7 147.4 -9.3% Capex 150.8 140.2 7.6% Net liquidity1 264.6 413.8 -36.0% Equity1 1,700.
Slide 28: Airport
Airport Earnings decline due to lower traffic volume and reduced passenger fees − Lower passenger volume (-3.2%) and reduced passenger € million H1/2026 H1/2025 Δ fees (-4.5%) negatively impacted passenger-related revenue External revenue 231.2 245.1 -5.7% (-4.0%) EBITDA 97.0 99.5 -2.4% − Terminatio
Slide 29: Handling & Security Services
Handling & Security Services Substantial increase in de-icing income led to clearly positive EBIT in H1/2026 − Substantially higher de-icing income in the winter months € million H1/2026 H1/2025 Δ as the main driver of the revenue and earnings External revenue 103.1 95.8 7.6% development EBITDA 7.7
Slide 30: Retail & Properties
Retail & Properties Improved segment results despite reduced passenger traffic − Robust growth of advertising income as well as the € million H1/2026 H1/2025 Δ positive development of food & beverage outlets and External revenue 101.4 101.5 -0.0% lounges led to the Center Management & Hospitality re
Slide 31: Malta
Malta Dynamic passenger growth led to a double-digit revenue and earnings increase − Passenger growth of 15.6% to 5.2 million travellers drove € million H1/2026 H1/2025 Δ the positive development of all business areas External revenue 82.5 71.9 14.8% − Substantial contribution to the passenger volum
Slide 32: Business & Traffic Results 2025
Business & Traffic Results 2025
Slide 33: Strong year 2025 for Flughafen Wien Group
Strong year 2025 for Flughafen Wien Group Double-digit growth rates in Malta and Košice Flughafen Wien Group passenger 2025 2024 Δ 2024 development1 Vienna Airport (millions) 32.6 31.7 +2.6% Malta Airport (millions) 10.1 9.0 +12.3% Košice Airport (millions) 0.8 0.7 +12.2% Vienna Airport and ist stra
Slide 34: Record: 32.6 million passengers at Vienna Airport
Record: 32.6 million passengers at Vienna Airport Continued high seat occupancy with increased capacity Vienna Airport − New passenger record despite persistently weak 2025 2024 Δ 2024 traffic development1 economic development, economic headwinds, and military conflicts Passengers (millions) 32.6 31
Slide 35: Regional passenger development in 2025
Regional passenger development in 2025 Europe Focus on intra-European routes: +0.9% − Around 85% of passengers thereof Western 84.9% thereof Europe Eastern Europe Strong growth in the Far East : Growth e.g. to Istanbul, +0.6% +1.9% Growth e.g. to Chişinău, Frankfurt, Mallorca and Bari 68.3% Tirana,
Slide 36: Market share of airlines
2025 Share Passengers PAX Δ vs. 2024 Market share of airlines 1. Austrian 2. Ryanair/Lauda 45.8% 20.5% 14,915,887 6,659,108 +2.3% +0.2% 3. Wizz Air 5.6% 1,832,033 -9.2% Austrian reports 2.3% 4. Eurowings 2.2% 732,246 -6.9% increase in passenger 5. Pegasus Airlines 1.8% 599,740 +21.5% numbers to arou
Slide 37: Revenue increased by +7.2%
Revenue increased by +7.2% Continued positive financial result – one-off effect of € 55.9 mn related to 3rd runway € million 2025 2024 Δ Revenue 1,128.9 1,052.7 +7.2% Earnings before interest, tax, depreciation and amortisation (EBITDA) 412.4 442.3 -6.8% Earnings before interest and taxes (EBIT) 279
Slide 38: Ongoing cost pressure
Ongoing cost pressure Significant increase in personnel expenses € million 2025 2024 Δ Consumables and services used -56.5 -55.7 +1.5% Personnel expenses -419.5 -386.1 +8.7% Other operating expenses1 -254.8 -190.1 +34.0% Depreciation and amortisation -132.9 -136.1 -2.1% EBITDA margin 36.5% 42.0% EBI
Slide 39: Cash flow & equity
Cash flow & equity Strong balance sheet structure enables growth investments in Vienna and Malta € million 2025 2024 Δ Cash flow from operating activities 333.3 443.7 -24.9% Free cash flow 159.3 114.2 +39.5% Capex 281.3 189.8 +48.2% Net liquidity 413.8 511.6 -19.1% Equity 1,726.9 1,667.2 +3.6% Equit
Slide 40: Airport
Airport Further passenger growth results in 5.9% revenue increase to € 536.5 million − Passenger growth (+2.6% in 2025, strong momentum with € million 2025 2024 Δ +5.1% in Q4/2025) and fee adjustments (passenger External revenue 536.5 506.6 +5.9% charges +4.6%) led to a 5.1% rise in passenger-relate
Slide 41: Handling & Security Services
Handling & Security Services Record cargo volumes support clearly positive EBIT − Significant revenue boost of 11.4% as the result of € million 2025 2024 Δ increased flight traffic (flight movements +2.7%, External revenue 198.0 177.8 +11.4% MTOW +3.6%), strong cargo development (+5.3%) and higher d
Slide 42: Retail & Properties
Retail & Properties Clear revenue and earnings improvement for non-aviation services − 7.9% increase in Center Management & Hospitality € million 2025 2024 Δ revenue to € 113.6 million related to the notable rise in External revenue 215.0 203.0 +5.9% shopping, restaurant and lounge services income E
Slide 43: Malta
Malta Clear increase in revenue and earnings as a result of strong passenger growth − Uninterrupted passenger growth: +12.3% to 10.1 million € million 2025 2024 Δ passengers, almost tripling the comparable figure 15 years External revenue 157.0 142.9 +9.9% ago (2011: 3.5 mn passengers) EBITDA 95.0 8
Slide 44: Financial calendar 2026
Financial calendar 2026 13 October: Traffic results 09/2026 19 November: Q1-3/2026 19 November Traffic results 10/2026 15 December Traffic results 11/2026
Slide 45: Contact: Bernd Maurer
CONTAKT Bernd Maurer Head of Capital Markets +43-1-7007-23126 +43-664-8357723 b.maurer@viennaairport.com 45
Slide 46: Disclaimer
Disclaimer The presentation represents an assessment that we have made on the basis of all the information available to us at the current time. If the assumptions on which the presentation is based do not materialize or risks arise to an extent not calculated, the actual results may differ from our
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