Flughafen Wien AG (von NuWays AG): BUY

Original-Research: Flughafen Wien AG - from NuWays AG 19.05.2026 / 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. Classification of NuWays AG to Flughafen Wien AG

Company Name:	Flughafen Wien AG
ISIN:	AT00000VIE62
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 57
Target price on sight of:	12 months
Last rating change:
Analyst:	Simon Keller

Cleared for take-off; Up to BUY

We upgrade FLU to BUY. The shares have delivered nearly no return since our June 2023 Hold initiation, yet the underlying case has notably improved: the operational base is stronger, the equity story has de-risked, and the group remains exposed to structurally growing air-travel demand.

Three overhangs have lifted. First, the LCC capacity cuts by Ryanair and Wizz are now reflected in the run-rate rather than a major remaining forecast risk, creating a cleaner base for FY26. Second, the cancellation of the 3rd runway removes a potential € 2bn CapEx risk. The remaining investment pipeline is clearly defined, with T3 South scheduled for 2027 and Pier North for 2031, both fundable through operating cash flow, existing cash and moderate additional debt if needed. Third, from January 2026, the airport-charge regime returned to the statutory formula. While the 2026 tariff reset lowers the passenger-tariff base, this headwind is now implemented. From 2027, tariffs should again reflect inflation, coupled with an incentive structure to support traffic growth at Vienna.

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