Flughafen Wien AG Maintains Steady Passenger Growth Amid Market Dynamics

Flughafen Wien AG, analyzed by NuWays AG, maintains a "Hold" recommendation with a target price of EUR 60. VIE's passenger numbers rose 1.4% in February 2025 compared to the previous year. Despite a 12% decline in transfer passengers, local passengers grew by 4.6%, offsetting losses. The Vienna core airport, although experiencing a slight decline in passengers per aircraft, shows stable traffic during the winter.

Strategic investments at Malta (MLA) and Kosice (KSC) airports reported significant growth. MLA saw an 18% increase in passengers, driven by economic development and strong tourism, while KSC reported a 25% rise from a low base. Future expansion at MLA, with a €345 million investment, is anticipated to enhance capacity and growth.

The summer flight plan for VIE introduces new airlines and destinations, projecting a net capacity increase of 1-2% over 2024. Potential markets include openings in Israel/Middle East and Russia/Ukraine, though these opportunities remain uncertain. The firm reiterates its "Hold" stance, backed by stable booking trends.