Flughafen Wien : Presentation of the Q1/2024 results

16/05/2024 Vienna Airport

Q1/2024

1

Strong Q1/2024

PAX growth, lower energy costs and positive interest income improve earnings

Group net profit: € 37.2 million - Still low comparable basis in Q1/2023

• Significant revenue growth: +16.6% to € 210 million
• Profitability: EBITDA margin of 37.8% vs. 37.0% in Q1/23
• Positive financial result: € 3.8 million, up from minus € 0.9 million in Q1/23

Uninterrupted desire to travel - ongoing strong upward momentum

• Passenger increase of 11.0% at Vienna Airport and 13.8% in the Flughafen Wien Group in Q1/24 (positive base effect due to weaker Q1/23)
• Ongoing strong holiday flight traffic due to rising real income, growth in the business travel segment

Ongoing positive outlook for 2024

• Airlines report good level of bookings in the summer months
• Positive development of financial performance expected in 2024
• Slight increase in financial guidance with sales of over € 1 billion, EBITDA of over € 400 million and net profit for the year of over € 220 million

2

Successfully concluded CBA at Vienna Airport

3 years of "mandatory peace" for the home carrier Austrian Airlines after strike

Successful conclusion of collective bargaining agreement for Vienna Airport (+7.0%) without a labour conflict

• 7.0% upward adjustment of wages and salaries
• Effective 1 May
• Ongoing good social partnership

Collective bargaining agreement at Austrian Airlines ensures reliability for three years

• New CBA for pilots and flight attendants at the home carrier Austrian Airlines (47% market share in 2023)
• Valid until the end of 2026 and includes an "industrial peace obligation" during this period i.e., no work stoppages in the form of strikes

3

Earnings improvement, positive financial result

Increased revenue, disproportionately low rise in expenses

€ million	Q1/2024	Q1/2023	Δ
Revenue	210.3	180.4	16.6%
Earnings before interest, tax, depreciation and amortisation	79.5	66.8	19.0%
(EBITDA)
Earnings before interest and taxes (EBIT)	46.5	34.8	33.6%
Financial result	3.8	-0.9	n.a.
Earnings before tax (EBT)	50.3	33.9	48.3%
Net profit for the period	37.2	25.0	48.9%
Net profit after non-controlling interests	33.5	23.0	45.9%

• Ongoing strong business development in all segments leads to a significant improvement in operating results
• Positive financial result (€ 3.8 million vs. minus € 0.9 million in Q1/23) following early redemption of the
  EIB loan in 2023

4

Expenses

Disproportionately low increase in operating costs

€ million	Q1/2024	Q1/2023	Δ
Consumables and services used	-14.9	-17.7	-15.8%
Personnel expenses	-89.1	-75.7	17.8%
Other operating expenses1	-30.1	-23.2	29.8%
Depreciation and amortisation	-33.0	-32.0	3.2%
EBITDA margin	37.8%	37.0%
EBIT margin	22.1%	19.3%

• Substantial rise in personnel expenses caused by last year's collective bargaining agreement (+11.8% as of May
  2023) and the growing number of employees (5,154 FTE, +8.3% yoy)
• Decline in energy costs: Increased electricity production from the airport's own photovoltaic facility
  (up to 45 MWp) and a mild winter led to a drop in expenses for consumables and services used despite the strong traffic growth
• Rise in other operating expenses as a result of higher maintenance expenses for airport operations

5	1) Without impairment/reversal of impairment on receivables

Cash flow & balance sheet structure

Increase in net liquidity and the equity ratio

€ million	Q1/2024	Q1/2023	Δ
Cash flow from operating activities	68.2	89.6	-24.0%
Free cash flow	-4.1	-63.3	93.6%
CAPEX1	34.9	15.2	131.1%
Net liqudity2	393.3	361.9	8.7%
Equity2	1,592.9	1,556.4	2.3%
Equity ratio2	71.8	70.9	n.a.

• Decline in the cash flow from operating activities due to higher traffic-relatedincentive payments in Q1 2023 vs. 2022
• Start - on schedule - of the intensive construction phase of the Southern Expansion terminal project
  (CAPEX € 12.3 million in Q1/24)
• Slight rise in net liquidity to € 393 million (€ 362 million in FY/23); dividend payment of € 111 million in
  Q2/24 (subject to AGM approval)

1. Excluding financial assets and business combinations
2. Q1/2024 vs. FY/2023

6

Elimination of debt

Leads to positive interest income

Net liquidity (€ million)

1,4	Dividends (in €)
1.32

400

200

393

1,3

1,2

1,1

1

0

-200

-400

-600

-800

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Q1/24

• Comfortable financial flexibility for investments and attractive dividends
• Positive interest income attributable to higher investment volume and increasing yields

0,9
0,8
0,7
0,6
0,5
0,4
0,3
0,2
0,1
0
2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023

• Increase in the dividend by about 70%; dividend proposal of € 1.32 per share for 2023
• Annual General Meeting: 5. June,
  ex-dividend date: 10 June

7

Key projects

at or near Vienna Airport

• Third Runway project - evaluation work underway Third Runway project is being vigorously pursued Realisation depends on actual development of flight traffic
  (Passenger volumes and flight movements) as well as profitability Federal Administrative Court shortens construction period phase 1 to 2030,
  FWAG considers this unlawful and will appeal to the Supreme Court
• Southern Expansion terminal project

On time and budget; launch of intensive construction phase

• Enpulsion commences operations

Production of ion propulsion engines for satellites

• Start of the first European ESA Phi-Lab
  Initial volume of € 12 million
• Operating license for the completed PV park with 10 MWp for Bad Vöslau Airfield completely owned by Flughafen Wien AG
• Coming on stream of the fast electric charging station at Vienna Airport in June 2024
• Ground-breakingceremony in May/June for 3rd hotel with 510 rooms

8

Financial guidance 2024

Slight upward revision vs. January 2024

Revenue		> € 1.0 billion

EBITDA		> € 400 million

Group net profit1		> € 220 million

Capex		> € 200 million

• Strong financial position enables financing of increasing investments from the cash flow
• 1. Before non-controlling interests

9

Traffic Results Q1/2024 & 4/2024