Flughafen Wien (FLU) Q2 2026 earnings summary

Executive summary

• Net profit rose 7.0% to €123.2 million despite challenging market conditions and declining passenger volumes in Vienna, driven by strong growth in Malta (+15.6%) and Košice (+43.5%) and strict cost discipline.

• Revenue increased 0.9% year-over-year to €529.3 million, with EBITDA up 7.3% to €227.1 million and EBIT up 9.1% to €159.4 million.

• Financial and passenger guidance was raised, reflecting improved outlook despite ongoing risks from the Middle East, regulatory pressures, and reduced LCC capacity in Vienna.

• Cost-saving and efficiency measures led to reduced operating expenses and improved margins.

• Major investments included €60 million for the Southern Terminal Expansion and €25 million in Malta Airport.

Financial highlights

• H1/2026 revenue: €529.3 million (+0.9% YoY); EBITDA: €227.1 million (+7.3% YoY); EBIT: €159.4 million (+9.1% YoY); Net profit: €123.2 million (+7.0% YoY).

• Net profit after non-controlling interests at €108.3 million (+5.4% YoY); EPS: €1.29 (vs. €1.23 in H1/2025).

• Operating expenses declined, notably in other operating expenses (-13.8%), supporting higher profitability.

• CapEx increased to €150.8 million (+7.6% YoY); free cash flow and cash flow slightly lower than last year.

• Net liquidity reduced to €264.6 million due to dividend payments and investments; equity ratio remains strong at 72.4%.

Outlook and guidance

• Passenger guidance raised to 42.5 million for the group and 30.5 million for Vienna.

• Financial guidance for 2026: revenue €1,080 million, EBITDA €425 million, group net profit €220 million, net profit after minorities €190 million, CapEx €330 million.

• Guidance includes caution due to uncertainty in the Middle East, regulatory risks, and potential winter schedule cuts.