olivLaw · European equity research
Flughafen Wien AG FLU.VI
Austria · Wiener Börse · ISIN AT00000VIE62 · Vertical: Listed companies from Austria
Flughafen Wien AG operates Vienna airport and holds stakes in the airports of Malta and Košice. In fiscal 2025 profit attributable to shareholders fell year on year, and the company guides to lower traffic at Vienna for 2026 due to low-cost capacity cuts and Middle East tensions.
At the close of 05 Nov 2026, Flughafen Wien AG (FLU.VI) stock was 52.40 EUR (+0.00% on the day), with beta 0.22, 52-week range 48.10–56.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.7
- neutral
- Bollinger (20, 2)
- 50.20 – 54.06
- in the upper half of the band · %B 0.57 · band width 7.4%
- SMA 50 / 200
- 52.64 / 51.86
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.21
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.2% | +0.4% | −2.6 pp | — |
| 3 months | +1.9% | −3.3% | +5.2 pp | — |
| 6 months | +5.6% | +4.0% | +1.7 pp | — |
| Year to date | −6.1% | +8.1% | −14.2 pp | — |
| 1 year | −0.8% | +10.7% | −11.5 pp | +5.6% |
| 3 years | +5.5% | +50.1% | −44.5 pp | +12.7% |
| 5 years | +77.6% | +43.6% | +34.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 931.5 m | 1.1 bn | 1.1 bn |
| Revenue YoY | unavailable | +13.0% | +7.2% |
| Net income | 168.4 m | 216.3 m | 185.0 m |
| Net income YoY | unavailable | +28.4% | −14.4% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 18.1% | 20.5% | 16.4% |
| Free cash flow | 287.0 m | 273.9 m | 61.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 29.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.7 bn EUR
- Total assets
- 2.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.9%
- ROA
- 7.7%
- FCF margin
- 5.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 931.5 m | 1.1 bn | 1.1 bn | esef· 29 Apr 2026verified |
| Operating income | 261.8 m | 306.1 m | 279.5 m | esef· 29 Apr 2026verified |
| Depreciation & amortisation | 131.8 m | 135.8 m | 132.9 m | esef· 29 Apr 2026verified |
| EBITDA | 393.6 m ≈ | 441.9 m ≈ | 412.4 m ≈ | esef· 29 Apr 2026derived |
| Interest expense | 12.0 m | 2.8 m | 4.3 m | esef· 29 Apr 2026verified |
| Pre-tax income | 257.7 m | 321.7 m | 290.6 m | esef· 29 Apr 2026verified |
| Income tax | 69.1 m | 82.2 m | 80.6 m | esef· 29 Apr 2026verified |
| Net income | 168.4 m | 216.3 m | 185.0 m | esef· 29 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 31.9 m | 22.1 m | 29.8 m | esef· 29 Apr 2026verified |
| Receivables | 450.0 m | 601.6 m | 474.2 m | esef· 29 Apr 2026verified |
| Inventories | 7.7 m | 8.4 m | 9.2 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 1.3 bn | 1.4 bn | 1.5 bn | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 156.2 m | 151.5 m | 151.1 m | esef· 29 Apr 2026verified |
| Total assets | 2.2 bn | 2.4 bn | 2.4 bn | esef· 29 Apr 2026verified |
| Accounts payable | 39.0 m | 50.5 m | 67.6 m | esef· 29 Apr 2026verified |
| Current liabilities | 345.4 m | 413.0 m | 374.0 m | esef· 29 Apr 2026verified |
| Equity | 1.6 bn | 1.7 bn | 1.7 bn | esef· 29 Apr 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 384.8 m | 443.7 m | 333.3 m | esef· 29 Apr 2026verified |
| Capex | 97.8 m | 169.8 m | 271.6 m | esef· 29 Apr 2026verified |
| Free cash flow | 287.0 m ≈ | 273.9 m ≈ | 61.7 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -156.6 m | -329.4 m | -174.0 m | esef· 29 Apr 2026verified |
| Financing cash flow | -301.5 m | -124.0 m | -151.6 m | esef· 29 Apr 2026verified |
| Dividends paid | 64.6 m | 110.7 m | 138.4 m | esef· 29 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 16.4% | 90 (vs peers) | 27% |
| FCF conversion · Quality | 33.4% | 5 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 64.3x | 100 (on a fixed band) | 27% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 224.2% | 0 (on a fixed band) | 18% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality47/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Flughafen Wien Aktiengesellschaft (FLU.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.1 bn EUR in 2025; YoY growth 7.2%; net margin 16.4%; ROE 12.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.4%
- Interest coverage: 64.3x
What contradicts it
- FCF conversion: 33.4%
- Payout ratio (FCF): 224.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Austria · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for FLU.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Flughafen Wien AG operates Vienna airport and holds stakes in the airports of Malta and Košice. In fiscal 2025 profit attributable to shareholders fell year on year, and the company guides to lower traffic at Vienna for 2026 due to low-cost capacity cuts and Middle East tensions.
SWOT
Strengths
- Solid balance sheet, with a high equity ratio and substantial net liquidity giving financial flexibility for investment.
- Hub role for Austrian Airlines, a stable main customer that brings regular passenger volume.
- Stakes in the Malta and Košice airports diversify revenue geographically.
Weaknesses
- High dependence on a single customer, making revenue sensitive to that airline's network decisions.
- EBITDA margin declined in fiscal 2025, partly due to the effect of an abandoned project.
- Operating cash flow was pressured by large tax payments.
Opportunities
- Rising demand on international routes could support traffic and commercial revenue.
- If new aircraft types are delivered on time, operators could expand long-haul routes from Vienna.
- Traffic growth at Malta and Košice could offset the decline at Vienna.
Threats
- Conflicts in the Middle East could restrict airspace and reduce demand.
- Costs linked to European climate rules could rise considerably.
- Withdrawal of low-cost carriers from Vienna could reduce capacity and traffic.
Risks
- Geopolitical tensions and airspacehigh
Airspace closures and regional conflicts could reduce traffic and duty-free revenue.
- Dependence on Austrian Airlineshigh
Network decisions of the main customer could directly affect passenger volume and airport revenue.
- Climate regulation and costsmedium
Requirements on sustainable fuels and apron electrification could generate significant additional costs.
- Withdrawal of low-cost carriersmedium
Fleet cuts by low-cost airlines at Vienna could lower traffic and pressure aeronautical revenue.
- Uncertainty at Maltalow
Restructuring of the new local airline could affect traffic at Malta airport if it fails.
Investment thesis
What would need to be true (bull case)
- If demand for air travel keeps growing, airport revenues could return quickly to earlier levels.
- The strong balance sheet and net liquidity give the company room for investment and dividends.
- International stakes could offset weakness at any single airport.
What would break the thesis
- If low-cost capacity cuts widen, traffic at Vienna could fall more than estimated.
- Climate and tax costs could pressure margins over the long term.
- A prolonged Middle East conflict could reduce demand and slow the revenue recovery.
What to watch
- Passenger traffic at Vienna against the 2026 estimate2026
- Development of the EBITDA margin after abandoning the third runway projectQ1 2027
- Delivery of new aircraft to Austrian Airlines2027
- Results of the new local airline at Malta airportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Flughafen Wien AG group operates Vienna International Airport (Schwechat) and holds interests in Malta airport, fully consolidated, and Košice airport, accounted for at equity. Group revenue reached 1128.9 million EUR in fiscal 2025 1. The group earns revenue from airport charges, passenger services and commercial space including duty-free. Profit attributable to shareholders was 185.0 million EUR in fiscal 2025 1.
The core activity is operating airport infrastructure, with investment in terminals, runways and security systems. Management abandoned the third runway project, which affected results. Austrian Airlines and other airlines are the main customers 1.
The group has a strong capital structure, with a high equity ratio and net liquidity, but operating cash flow was pressured by higher tax payments than in the prior year 1.
Segments
Vienna airport
Vienna airport is the group's most important revenue source. Management expects around 30 million passengers at Vienna in 2026, a decline due to low-cost carriers withdrawing capacity 1.
Malta airport
Malta airport is fully consolidated, with Flughafen Wien holding a 48.44% interest through direct and indirect structures. Traffic exceeded 10 million passengers in fiscal 2025, a record level 1.
Market context
Global air traffic grew in fiscal 2025 and the load factor reached a record, according to IATA data cited in the report 1. Growth remains concentrated on international routes in Asia and Europe, while limited airline capacity tempers the pace of expansion.
The European market grew more slowly than the global market in air cargo, and forecasts for 2026 point to more moderate growth dependent on trade policy and supply chains 1.
Trends
- Recovery of air traffictailwind
Demand for air travel has remained strong and has outpaced economic growth, supporting airport revenues over the medium term.
- Geopolitical tensions in the Middle Eastheadwind
Airspace closures and higher oil prices could reduce demand and hurt routes to Asia, with negative effects on traffic.
- European climate regulationheadwind
Requirements on sustainable fuels, apron electrification and the EU ETS will raise operating costs for the airport and airlines.
- Fleet modernisation of airlinesmixed
Austrian Airlines' move to new aircraft types could support Vienna passenger volumes over the long term, if deliveries proceed as planned.
Competitive position
Vienna airport competes with other European hubs for transit routes to Eastern Europe and Asia. Pressure also comes from low-cost carriers that have decided to cut capacity at Vienna 1.
At Malta competition is intense, with Ryanair holding the largest share at the airport. The new local airline in restructuring is a source of uncertainty 1.
- RyanairRYAAY
Largest low-cost carrier at Vienna airport and market leader at Malta airport; plans fleet cuts at Vienna.
- Wizz Air
Low-cost carrier moving its aircraft from Vienna to Bratislava, reducing capacity at Vienna.
- Lufthansa Group
Group to which Austrian Airlines belongs, the airport's main customer at Vienna.
- Other European hub airports
Competing airports in Central Europe may attract transit routes if Vienna loses connections.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Flughafen Wien AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.