^ Original-Research: Flughafen Wien AG - from NuWays AG

28.11.2025 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to Flughafen Wien AG

Company Name: Flughafen Wien AG ISIN: AT00000VIE62

Reason for the research: Update Recommendation: Buy from: 28.11.2025 Target price: EUR 58.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch

On Tuesday, FWAG decided against building the 3rd runway, as a result of a comprehensive cost-benefit analysis. In detail:

Decision to abandon plans for a third runway does not alter its medium- to long-term growth prospects. The key rationale for an additional runway was to circumvent a possible capacity constraint. Yet the sharp rise in aircraft efficiency over the past two decades has materially expanded effective capacity. Avg. passengers per aircraft have nearly doubled (71 in 2005 to 139 in 2024), allowing VIE to accommodate significantly higher passenger volumes without a corresponding increase in aircraft visits. On this basis, the airport's two-runway system can handle up to roughly 52 million passengers per year, providing ample headroom relative to expected traffic levels (NuWays: 32m in FY25e and 34m in FY30e). Even if passenger growth were to continue at a steady 2-3% CAGR, VIE would only approach its system limit around 2050e. In reality, the constraint is likely to shift further out as airlines regularly up-gauge their fleets, e.g. moving from A320 variants (c. 180 seats) to larger A321 configurations (up to 244 seats).

Avoiding high costs, low CAPEX recovery potential and long approval times. As additional capacity would not attract incremental airlines or passengers, a third runway would fail to achieve commercially healthy utilization. Therefore, the 3rd runway would not generate sufficient cash flows to recover the projected costs of EUR 2bn in CAPEX (runway, terminal buildings and surrounding infrastructure). Beyond sharply higher construction costs, the risk of excessively long approval processes have also posed a risk.

Temporarily higher dividends likely. With EUR 438m in net cash per 9M'25 (eNuW: 443m per Y/E'25e), FWAG has hoarded cash in order to have financial power if a positive decision would have been made. Now, the substantially high cash position has become obsolete, in our view. Therefore, we expect a temporarily higher dividend of EUR 3 per share for FY'25-27e (i.e. EUR 251m pay out annually, currently 5.4% yield). This would reduce the net-cash position to EUR 141m by FY'27e, while remaining at healthy levels. After FY'27e, the south expansion of terminal 3 will also be completed and thus FCFs will likely grow to EUR 250-300m p.a. (eNuW), suggesting that the conservative dividend policy (payout ratio of currently "more than 60%") could be loosended to higher dividends for longer, in our view.

As we have not reflected a 3rd runway on our estimates, they remain unchanged, except for our dividend assumption and a EUR 56m write-off (eNuW) in Q4'25e on capitalized expenses in relation to the project. However, this has no effect on our DCF-based PT of EUR 58.00. Therefore, we reiterate our HOLD recommendation as upside remains limited, in our view. However, dividend oriented investors should consider taking advantage of this (temporarily) higher yield.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=a457fdda5a92e9a09f3bb919c7f459c0 For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++

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2237184 28.11.2025 CET/CEST

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Quelle: dpa-Afx