NuWays AG Upgrades Flughafen Wien AG to 'Buy'

NuWays AG has upgraded its recommendation for Flughafen Wien AG (FWAG) from 'Hold' to 'Buy', with a target price of EUR 57 over the next 12 months. This shift reflects improvements in FWAG's operational base and a reduced equity risk. The decision follows Ryanair and Wizz's capacity adjustments and the cancellation of a potential €2bn investment risk concerning the 3rd runway.

Additionally, the resumption of the statutory airport-charge regime from January 2026 aligns tariffs with inflation starting in 2027. Vienna’s airport is poised to benefit from an anticipated 4% annual growth in European air travel demand through 2030. Notably, FWAG owns its infrastructure outright, ensuring a stable cash-flow profile.

FWAG has performed well financially, boasting a 13.2% ROE in 2025, which surpassed peer medians. Q1 2026 results are expected to show modest growth despite seasonal challenges. NuWays highlights the resilience of air-travel demand to geopolitical and energy shocks, affirming confidence in a growing market.