Flughafen Wien (FLU) Q4 2025 earnings summary

Executive summary

• Revenue increased by 7.2% year-over-year to €1,129 billion 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 write-off from the abandoned third runway project.

• All divisions, subsidiaries, and international investments contributed positively to earnings, with notable growth in Malta.

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

• Dividend proposed at €1.65 per share, maintaining stability and a 75% payout ratio despite lower net income.

Financial highlights

• EBITDA decreased by 6.8% to €412.4 million; EBIT fell by 8.7% to €279.5 million; EBITDA margin declined to 36.5%, EBIT margin to 24.8%.

• Free cash flow rose to €159.3 million; CapEx increased to €281.3 million from €189.8 million, mainly for terminal expansion and infrastructure.

• Net liquidity reduced to €413.8 million at year-end 2025 due to dividend payout and investments.

• Equity increased to €1,726.9 million; equity ratio strengthened to 71.6%.

• Dividend yield stands at 3%.

Outlook and guidance

• 2026 guidance: revenue of about €1,050 million, EBITDA of €415 million, and net profit of €210 million, with group passenger volume forecast at 41.5 million and Vienna at 30 million.

• CapEx guidance for 2026 is €330 million, with high investment levels expected to continue, including €65 million for Malta and €265 million for Vienna.

• Investments in 2026 to be financed without additional debt; Malta investments may use new debt, Vienna from liquidity reserves.

• Dividend expected to remain stable in 2026, with payout ratio guidance of 60%-70% for the coming years.

• Cost optimization program aims to keep personnel expenses flat and offset lower revenues in Vienna.