Vienna Airport (FWAG) looks back on an operationally successful 2025 financial year, characterized by significant revenue growth and a new passenger record at its Vienna location. Despite a one-off balance sheet charge due to an impairment charge related to the third runway project, which reduced net income to €210,1 million, the management remains extremely confident about the future.
With a planned record investment volume of around €330 million for 2026, the airport is embarking on the largest expansion phase in its history. The centerpiece of this project is the southern extension of Terminal 3, which is expected to significantly increase capacity and service quality from 2027 onwards. While passenger numbers for the coming year are forecast to be somewhat lower due to regulatory frameworks and a slight economic slowdown in Europe, the dividend for shareholders will remain at the same stable level as the previous year.
Economic indicators and one-off effects in detail
The Vienna Airport Group experienced strong operational momentum in the 2025 financial year. Group revenue increased by 7,2 percent to a total of €1.128,9 million. This growth was primarily driven by high passenger volumes and positive developments in non-aviation revenues, such as food and beverage and retail sales. Nevertheless, key performance indicators showed a slight decline: EBITDA fell by 6,8 percent to €412,4 million, and EBIT decreased by 8,7 percent to €279,5 million.
The primary reason for this development was an extraordinary impairment charge of €55,9 million for the third runway project. Without this one-off effect, the result would have been significantly higher than the previous year, as the strong operating performance offset approximately half of the negative valuation effect. Net income after taxes ultimately amounted to €210,1 million, compared to €239,5 million in 2024. Despite this calculated decline, management is maintaining its attractive dividend policy and is proposing a dividend of €1,65 per share to the Annual General Meeting. This corresponds to a payout ratio of approximately 75 percent of net income attributable to shareholders.
Segment development and international investments
All of the Group's business units made positive contributions in the past year. The Airport segment benefited from fare adjustments and strong traffic volumes, resulting in revenue of €536,5 million. In the Handling and Security Services segment, record cargo volume in particular led to a revenue increase to €198,0 million. The stake in Malta Airport saw particularly strong growth, with revenues rising to €157,0 million and segment EBIT increasing significantly.
The AirportCity in Vienna is also increasingly developing into an independent economic driver. In 2025, 20 new businesses established themselves there, and the expansion of the Space Hub to include five more technology companies is planned for 2026. With the opening of Lower Austria's largest hotel, boasting over 510 rooms, the infrastructure for business travelers and tourists directly at the terminal will be further enhanced. In total, over 23.500 people are now employed at the site in more than 250 companies, underscoring the airport's role as the largest employer in the eastern region.
Infrastructure expansion and quality initiative
With the goal of handling around 40 million passengers at its Vienna hub by 2035, FWAG is investing heavily in infrastructure. Following an investment of €281,3 million in 2025, this figure is projected to reach a record €330 million in 2026. The flagship project is the 70.000-square-meter southern extension of Terminal 3. This will include new lounge areas, additional bus gates, and spacious shopping and dining areas. Operations are scheduled to begin in the second quarter of 2027.
Another focus is on modernizing security technology. By summer 2026, all security lanes are to be equipped with state-of-the-art CT scanners, allowing passengers to keep liquids and electronic devices in their hand luggage during screening. In parallel, planning for the expansion of Pier North is progressing, in order to provide additional parking positions for wide-body aircraft from 2031 onwards. Dr. Günther Ofner emphasized that the investments at the Vienna site are being financed entirely from the company's own funds, which underscores the Group's financial stability.
Traffic development and regulatory challenges
The year 2025 marked a historic record year with 32,6 million passengers in Vienna. However, the board is taking a more cautious approach for 2026, expecting around 30 million passengers at the Vienna hub. Including its holdings in Malta and Kosice, the group anticipates a total passenger volume of 41,5 million. This projected decline is attributed, among other things, to a planned fare reduction and more challenging regulatory conditions in Europe.
In this context, the company's management sharply criticized the current air transport policy of the EU Commission. According to Ofner, Europe is applying a "regulatory handbrake" that discriminates against the industry's growth compared to its global competitors. He called on policymakers in Brussels and Vienna to make corrections, in particular faster approval processes and a reduction in the national air passenger duty, in order to secure Vienna's long-term competitiveness as a central European hub.
Financial outlook 2026 and long-term strategy
Despite anticipated volatility in passenger numbers, Vienna Airport AG expects stable earnings for 2026. Revenue is projected at approximately €1.050 million, while EBITDA is expected to reach around €415 million. Net income before minority interests is forecast at approximately €210 million, which would be in line with the previous year's level. Total assets of approximately €2,4 billion and net liquidity of €413,8 million provide a solid foundation for the upcoming wave of investments.
FWAG's long-term strategy continues to focus on a combination of excellent service quality and capacity expansion. Management sees Vienna's current ranking among the three most punctual European hubs of its size and its multiple awards for staff quality as a clear competitive advantage. The expansion of AirportCity with the new Office Park 4 NEXT, which will create an additional 17.000 square meters of office space by 2028, is also intended to further diversify the airport's dependence on pure flight operations and establish the location as a multifunctional business center.