Flughafen Wien : Quartalsbericht 1/2024

Quarterly Report

Q1/2024

Flughafen Wien AG

Content
Content
Key Data of the Flughafen Wien Group	3
Letter to Shareholders	5
Financial Information Q1/2024 ________________________________________________________7
Passenger development in the Flughafen Wien Group	8
Earnings in the first quarter of 2024	10
Information on the operating segments	12
Financial, asset and capital structure	18
Capital expenditure	20
Guidance 2024	21
Passenger development April	22
Condensed Consolidated Interim Financial Statements as at 31 March 2024__________________23
Consolidated Income Statement	24
Consolidated Balance Sheet	25
Consolidated cash flow statement	26
Imprint	27

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Key Data of the Flughafen Wien Group

Key Data of the Flughafen Wien Group

• Financial Indicators
  (in € million, excluding employees)

	Q /		Q /		Change
Total revenue		.		.		. %
Thereof Airport		.		.		. %
Thereof Handling & Security Services		.		.		. %
Thereof Retail & Properties		.		.		. %
Thereof Malta		.		.		. %
Thereof Other Segments		.		.	-	. %
EBITDA		.		.		. %
EBITDA margin (in %)1		.		.		n.a.
EBIT		.		.		. %
EBIT margin (in %)2		.		.		n.a.
Net profit		.		.		. %
Net profit attributable to parent company		.		.		. %
Cash flow from operating activities		.		.	-	. %
Capital expenditure3		.		.		. %
Income taxes		.		.		. %
Average number of employees4		,	,			. %
	. .		. .		Change in %
Equity	,	.	,	.		. %
Equity ratio (in %)		.		.		n.a.
Net liquidity		.		.		. %
Net assets	,	.	,	.		. %
Gearing (in %)5	-	.	-	.		n.a.
Number of employees at end of period		,	,			. %

1. EBITDA margin (earnings before interest, taxes, depreciation and amortisation) = EBITDA/revenue
2. EBIT margin (earnings before interest and taxes) = EBIT/revenue
3. Capital expenditure: intangible assets, property, plant and equipment and investment property including corrections to invoices from previous years, excluding financial assets
4. According to the degree of employment including apprentices, excluding employees without reference (parental leave, armed forces etc.), excluding board members and managing directors, weighted "full-time equivalent" (FTE) on an an- nual average
5. Gearing is negative due to the presence of net liquidity

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Key Data of the Flughafen Wien Group

Industry indicators

Q /		Q /		Change
Passenger development of the Group
Vienna Airport (in mill.)		.	.	. %
Malta Airport (in mill.)		.	.	. %
Košice Airport (in mill.)		.	.	. %
Vienna Airport and strat. investments (VIE, MLA, KSC; in mill.)		.	.	. %
Traffic development Vienna Airport
Passengers (in mill.)		.	.	. %
Thereof transfer passengers (in mill.)		.	.	. %
Aircraft movements	,	,		. %
MTOW (in mill. tonnes)1		.	.	. %
Cargo (air cargo and trucking; in tonnes)	,	,		. %
Seat load factor (in %)2		.	.	n.a.

1. MTOW: maximum take off weight for aircraft
2. Seat load factor: number of passengers/available number of seats

Stock market indicators

Market capitalisation (as at 31 March 2024; in € million)	,	.
Stock price: high (11 January 2024.; in €)		.
Stock price: low (17 January 2024; in €)		.
Stock price as at 31 March 2024 (in €)		.
Market capitalisation as at 31 December 2023 (in €)	,	.
Market weighting ATX Prime (as at 31 March 2024)		.

• Ticker symbols

Reuters		VIEV.VI
Bloomberg		FLU AV
Nasdaq		FLU-AT
ISIN	AT	VIE
Spot market		FLU
ADR		VIAAY

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Letter to Shareholders

Dear Shareholders,

The first three months of the reporting year were very satisfying for our company. The business performance of the Flughafen Wien Group, which includes Vienna Airport as well as the airports in Malta and Kosice, has seamlessly continued the positive trend of previous periods. With 7.6 million passengers, the Vienna Airport Group recorded an increase of 13.8%, whereby Malta Airport stood out in particular with a 26.3% rise in passenger volume. The desire to travel continues unabated, resulting in capacity expansions by the airlines and rising load factors.

Vienna Airport was also able to increase passenger numbers by 11.0%. The number of passengers rose to

5.9 million, driven above all by an increase in local passengers. The number of flight movements rose by 6.5% to 46,294 take-offs and landings, whereby the seat load factor improved slightly from 75.6% to 76.5%. An extremely attractive summer flight schedule with many new destinations such as Boston, Tokyo, Split and Dalaman leads us to expect a positive development. A total of 60 airlines fly to around 190 destina- tions in 67 countries. However, geopolitical stress factors such as the war in Ukraine and the conflict in the Gaza Strip - and this also needs to be mentioned - will continue to exist for an indefinite period.

Cargo volumes - which have recently been somewhat subdued - increased strongly by 15.6% to 68,058 tonnes, which can be seen as an indicator of a recovering economy. In this context, we are particularly pleased that the contract with our largest cargo customer (Lufthansa Cargo) was recently extended until 2028.

Despite the rising traffic volume, Vienna Airport was able to expand its position as the most punctual hub in the Lufthansa Group and is among the top three in Europe according to this criterion. Vienna also ranks among the absolute leaders internationally in terms of baggage reliability and queuing times at security checkpoints. This naturally requires professional, highly motivated employees, to whom we would like to express our sincere thanks for their commitment.

The improvement in traffic figures is also reflected in the key financial figures. Even against the backdrop of a still weak first quarter of 2023, sales increased significantly by 16.6% to € 210.3 million compared to Q1/2023, EBITDA rose by 19.0% to € 79.5 million and EBIT increased by more than a third from € 34.8 million to € 46.5 million. The net result before minority interests improved from € 25.0 million to € 37.2 million.

Net liquidity stood at € 393,3 million as at 31 March 2024, while the equity ratio reached 71.8%. The good balance sheet structure gives us the scope to invest heavily and at the same time - subject to the decision of the Annual General Meeting - distribute a record dividend of over € 110 million for 2023.

As far as the development of our infrastructure is concerned, the focus is on the southern expansion of the terminal. The intensive construction phase has already begun. The project will lead to an expansion of the shopping and catering area to around 30,000 m2 and offer our passengers a stylish, comfortable ambience. The new part of the building is scheduled to open in 2027.

The assessment of future developments allows us to slightly adjust our financial guidance: Revenue is now expected to be over € 1 billion, EBITDA of over € 400 million and net profit before minority interests at least € 220 million. Investments will rise to over € 200 million, whereby all projects will be financed from cash flow and no borrowing is planned.

The guidance for passenger figures remains unchanged at around 30 million for Vienna Airport and approximately 39 million for the FWAG Group.

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Letter to Shareholders

Finally, we would like to thank you, our shareholders, for the trust you have placed in our company! We wish you all a relaxing summer and hope that 2024 will be a successful year for you!

Günther Ofner	Julian Jäger
Member of the Board, CFO	Member of the Board, COO

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Financial Information Q1/2024

Financial Information Q1/2024

Passenger development in the Flughafen Wien Group

Positive first quarter for the Flughafen Wien Group

Thanks to sustained strong demand at the Flughafen Wien Group airports (Vienna Airport, Malta Airport and Košice Airport), passenger numbers across the Group rose by 13.8% in the first three months of 2024 compared to Q1/2023. A total of 7,580,972 travellers were handled during this period, which exceeded the pre-crisis level of 2019 (+3.2%).

Moreover, the number of local passengers increased by 15.7% to 6,390,084 compared to Q1/2023. Transfer passengers increased by 4.5% compared to the same period in 2023, while aircraft movements rose by 9.2% to 57,878 take-offs and landings. Cargo volume across the Group also increased by 14.9% year-on- year to 72,969 tonnes.

Passenger volume at Vienna Airport grows by 11 . 0%

The first three months have been extremely positive for Vienna Airport. Interest in travel is still high, although the conflict in the Middle East has had a slight dampening effect.

Vienna Airport handled a total of 5,910,251 passengers in Q1/2024, a year-on-year increase of 11.0%. At 4,722,924 (+12.7%), local passengers accounted for around four-fifths of the total, while the transfer passenger segment grew by 4.6% to 1,167,422 passengers. The number of aircraft movements also increased by 6.5% year-on-year to 46,294 movements. The average seat load factor for the first three months was 76.5%, an increase of 0.9 percentage points compared to the same period last year. Cargo traffic increased by 15.6% to 68,058 tonnes. The day with the highest passenger volume in the first three months was Friday, 22 March, with 90,251 passengers (start of the Easter holidays).

Departing passenger flows in detail: As before, Western Europe is still the most popular destination from Vienna, accounting for a market share of 68.7%. Compared to Q1/2023, this region saw a 13.8% increase to 2,026,754. The largest absolute increase was reported by Spain (+63,993, +26.0%), followed by Italy (+38,666, +19.8%) and Turkey (+31,556, +27.1%), all of which were able to match their pre-pandemic per- formance. German destinations, on the other hand, are still 30.7% below the level of Q1/2019 despite a year-on-year increase of +7.3%.

Eastern European destinations grew by 5.7% to 439,350 passengers. The market share of this region is 14.9% in Q1/2024.

Travel activity to the Far East was also positive. The resumption of flights after the pandemic and the stabilisation of the economy, especially in China, led to a significant 18.7% increase in passengers to 116,933.

A total of 71,031 passengers travelling to North America were handled in Q1/2024. This represents an increase of 14.5% compared to the previous year. Compared to the region as a whole, the year-on-year increase in passengers travelling to the US was slightly higher at 16.9%.

There were 79,167 people travelling to Africa, which corresponds to a solid increase of 8.0%.

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Financial Information Q1/2024

Stable development of the largest airlines at Vienna Airport

Austrian remains the dominant airline at Vienna Airport. In Q1/2024, the market share was virtually unchanged at 42.4% (Q1/2023: 42.3%). A total of 2,506,754 passengers were carried in the first three months. This represents an increase of 11.4% over the same period last year, despite flight cancellations due to all- hands meetings and strikes.

Ryanair/Lauda remains the second largest airline at the site with a market share of 20.0% in Q1/2024 - a decrease of 1.4 percentage points compared to Q1/2023. In the reporting period, the airline carried 1,183,225 passengers, 3.9% more than in 2023.

Wizz Air, the third-largest airline, handled 441,420 passengers, an increase of 4.7% year-on-year. The market share for the reporting period was 7.5% compared to 7.9% in the previous year.

Growth also strong in Malta and Košice

Flughafen Wien AG's foreign investments continued to perform strongly, building on the impressive performance of the previous year. Both airports are surpassing their 2023 performance in almost all indica- tors.

Malta Airport put in a particularly encouraging performance, handling a total of 1,573,712 passengers in the first three months of 2024. This represents an increase of 26.3% compared to Q1/2023. The cargo volume increased by 6.5% to 4,910 tonnes.

Košice Airport also recorded an increase in traffic. From January to March 2024, 97,009 passengers were handled, an increase of 6.5% compared to 2023.

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Financial Information Q1/2024

Earnings in the first quarter of 2024

Strong revenue growth driven by higher passenger numbers

The Flughafen Wien Group (FWAG) posted revenue growth of 16.6% to € 210.3 million in Q1/2024 (Q1/2023: € 180.4 million). The main factors behind this year-on-year growth were the increase in passenger volume (up +13.8%), the uptick in traffic movements (up +9.2%) and the increase in fees in accordance with the fee schedule.

Revenue in the Airport segment increased by 20.4% to € 98.0 million (Q1/2023: € 81.4 million). This was primarily due to higher revenue from passenger-related and aircraft-related fees (up € 14.4 million). Revenue from infrastructure and other services increased by € 2.2 million.

Revenue from ground handling increased slightly from € 25.0 million in Q1/2023 to € 25.4 million in Q1/2024 due to the increase in aircraft movements and MTOW (maximum take-off weight), although revenue from de-icing declined due to the mild winter in 2024. Revenue from cargo handling was 23.3% higher than in the previous year at € 8.3 million (Q1/2023: € 6.7 million); the increase is attributable to the strong year-on-year increase in cargo volume at Vienna Airport (cargo: up 15.6%).

In the Retail & Properties segment, revenue from centre management and hospitality climbed by 13.6% in Q1/2024 to € 19.7 million (Q1/2023: € 17.4 million), with parking revenue also rising by € 1.8 million to € 13.3 million (Q1/2023: € 11.5 million). Rental revenue went up by 10.2% to € 8.4 million.

Revenue at Malta Airport increased by € 6.8 million year-on-year to € 25.7 million (Q1/2023: € 18.9 mil- lion), primarily as a result of significantly higher passenger numbers (+26.3%).

Other operating income increased by € 0.4 million year-on-year to € 3.3 million (Q1/2023: € 2.9 million),

of which own work capitalised amounted to € 2.1 million (Q1/2023: € 2.2 million).

Expenses for consumables and purchased services fell by 15.8% to € 14.9 million in Q1/2024 (Q1/2023: € 17.7

million). Energy expenses decreased by € 3.1 million to € 6.5 million (Q1/2023: € 9.5 million), partly due to electricity being supplied by the Group's own photovoltaic systems. Expenses for other consumables amounted to € 7.3 million, after € 7.4 million in Q1/2023. Purchased services increased to € 1.2 million, a rise of € 0.3 million.

Personnel expenses grew by 17.8% year-on-year to € 89.1 million. The increase is mainly due to the following factors: collective wage increases in the previous year resulted in corresponding cost increases. In the first quarter of 2024, the average headcount (full-time equivalents) at FWAG is 5,154, after 4,760 in the same period of the previous year (up 8.3%). Wages increased by 27.0% to € 34.9 million as against the previous year (Q1/2023: € 27.5 million), while salaries rose by 10.4% to € 32.6 million (Q1/2023: € 29.5 mil- lion). Expenses for severance compensation increased by € 0.2 million to € 2.7 million (Q1/2023: € 2.5 mil- lion). By contrast, pension expenses remained stable at € 0.7 million (Q1/2023: € 0.7 million). Expenses for social security contributions amounted to € 17.6 million in the first quarter of 2024 (Q1/2023: € 14.9 mil- lion), while other social security expenses came to € 0.6 million (Q1/2023: € 0.6 million).

Other operating expenses (including impairment and reversals of impairment on receivables) rose by 29.2% to € 29.8 million (Q1/2023: € 23.1 million). The most significant increases were in third-party services (up € 0.7 million), marketing and market communication (up € 0.9 million) and maintenance (up € 3.4 million). Legal, auditing and advisory costs rose by € 0.2 million; rental, lease and licence expenses

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