Vienna Airport AG looks back on a successful first quarter of 2026. Despite an increasingly complex geopolitical situation in the Middle East and Ukraine, as well as emerging structural changes at its Vienna location, the group was able to significantly improve its key financial figures. Group revenue climbed by 6,1 percent to €239,6 million in the first three months of the year, while net income rose by 5,3 percent to €42,0 million.
This development was largely driven by strong performance from the foreign subsidiaries in Malta and Kosice, as well as special factors at the Vienna location, such as increased traffic due to Lufthansa strikes and intensive winter maintenance. Nevertheless, management is preparing for a challenging remainder of the year: While the group as a whole is growing, the Vienna location anticipates a decline in passenger numbers as a result of reduced low-cost flight offerings. To counteract these trends, Flughafen Wien AG is maintaining its massive investment initiative of €1,5 billion by 2030.
Economic indicators in detail
The positive momentum of the first quarter is reflected in all levels of the income statement. Operating profit before interest, taxes, depreciation, and amortization (EBITDA) improved by 8,2 percent to €87,9 million. The increase in operating profit (EBIT) was even more pronounced, rising by 11,6 percent year-on-year to €54,4 million. Management attributes this efficiency gain, among other things, to a consistent cost-cutting program and strong performance in non-aviation revenues, which include retail income and real estate leasing.
A closer look at the individual segments reveals a more nuanced picture. While the Airport segment recorded a revenue increase to €101,6 million, its segment EBIT declined to €15,1 million. In contrast, the Retail & Properties segment proved highly profitable with an EBIT of €20,7 million. The foreign subsidiary in Malta contributed significantly to the overall result with a revenue increase to €32,5 million and an improved EBIT of €14,4 million. As of March 31, 2026, the Group's total assets amounted to approximately €2,44 billion, with net liquidity of €407,1 million continuing to provide a solid foundation for planned major projects.
Transport development and location competition
Passenger numbers show a significant gap between the group as a whole and its core hub, Vienna. Within the Vienna Airport Group, passenger numbers rose by 5,3 percent in the first quarter to approximately 8,35 million travelers. Vienna itself recorded a moderate increase of 1,6 percent, reaching 6,11 million passengers. However, looking at the period from January to April 2026, a decline of 1,5 percent is already projected for Vienna, while the group as a whole, including Malta and Košice, is still growing by 2,9 percent. April 2026 was particularly weak in Vienna, with a decrease of 8,2 percent compared to the previous year, which management attributes primarily to the discontinuation of low-cost carriers and the crises in the Middle East.
Board member Julian Jäger sees this development as a warning sign for the airport's future. Cost pressures from high national taxes are causing low-cost carriers to divert capacity to other European regions. Vienna Airport is expected to handle around 30 million passengers for the year, a significant decline compared to peak figures. To restore competitiveness, those in charge are calling for improved framework conditions, particularly a substantial reduction in air passenger taxes. In contrast, Malta Airport is thriving with growth of over 15 percent in the first quarter, and Kosice Airport also recorded an increase of almost 41 percent.
Investment offensive and expansion of AirportCity
Despite short-term fluctuations in passenger numbers, Vienna Airport AG is focusing on long-term growth through infrastructure expansion. A total of €1,5 billion is to be invested by 2030. A key project at the Vienna site is the southern extension of Terminal 3, into which €27,6 million was invested in the first quarter alone. Commissioning is scheduled for the second quarter of 2027 and is expected to significantly improve passenger comfort and handling capacity.
In parallel, the airport is pushing ahead with the development of its real estate projects. The Office Park 4 NEXT project in AirportCity will create approximately 17.000 square meters of additional office and conference space by 2028. Furthermore, the opening of the third and largest hotel at the site is imminent. A new 47-hectare expansion project is also planned in the western development area. Dr. Günther Ofner, CEO of Flughafen Wien AG, emphasizes that these investments are being made on the condition that regulatory conditions in Austria and Europe will allow for future growth.
Outlook and financial forecast for 2026
Despite economic and geopolitical uncertainties, the financial guidance for the entire 2026 fiscal year remains stable. The company anticipates annual revenue of approximately €1.050 million and EBITDA of around €415 million. Net income before minority interests is expected to be approximately €210 million. Total planned investments for the year amount to approximately €330 million.
The route network for the 2026 summer season is looking robust. With around 200 destinations, including 23 long-haul destinations, Vienna Airport offers a wide range of options for both leisure and business travelers. While Austrian Airlines, as the home carrier with over 120 destinations, forms the backbone of the network, new connections such as direct flights to Xi'an by China Eastern Airlines are also providing a boost. However, management's forecasts are contingent on there being no further major geopolitical escalations that could once again restrict international air traffic.