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Flughafen Wien: Europe's Gateway to the East
How a Former Nazi Warplane Factory Became One of Europe's Few Publicly-Traded Airports and a Critical East-West Gateway
On a winter day in January 2006, Austrian dignitaries gathered on frozen ground at Vienna-Schwechat Airport for the ceremonial groundbreaking of what was to be Austria's most ambitious construction project since the Habsburg era. The temperature was minus 19 degrees Celsius—a forbidding omen, perhaps, for a terminal expansion that would become the nation's largest construction scandal. But on that day, optimism reigned. The project, named "Skylink," was to cost €400 million and transform Vienna into a world-class aviation hub capable of rivaling Munich and Zurich. No one present could have imagined that six years later, after costs had more than doubled, management had been purged, prosecutors had launched criminal investigations filling 160 meters of files, and the word "Skylink" itself had become so toxic it was stricken from the airport's vocabulary, the terminal would finally open under the sanitized name "Check-in 3."
"2024 was an absolute record-breaking year for Vienna Airport and the best in our 70-year history. This shows that the crisis related to the coronavirus pandemic is no longer negatively impacting business results, and our upswing is continuing." Those words, spoken by CEO Julian Jäger in early 2025, marked a remarkable redemption arc for an institution that has weathered scandal, survived pandemic collapse, and emerged stronger than ever. Vienna Airport achieved record passenger growth in 2024, reaching 31.72 million, surpassing pre-crisis levels.
This is the story of Flughafen Wien AG—a company whose very existence defies conventional categories. Vienna Airport, Europe's 19th largest airport with 31.7 million passengers in 2024, is run by Flughafen Wien AG—one of only a handful of publicly traded airport operators on the continent. It is simultaneously a piece of critical national infrastructure, an investment vehicle for Australian pension funds, a major real estate developer, and the largest employer in eastern Austria. Its business stretches from ground handling to shopping malls to strategic stakes in Mediterranean island airports. And beneath its gleaming terminals lies a dark history that the company has only recently begun to fully acknowledge.
I. Origins: From WWII Airfield to Austrian Independence (1938–1954)
The modern Vienna Airport occupies land whose history predates aviation itself. But the story that matters begins in May 1938, when the world was sliding toward catastrophe and Austria had just ceased to exist as an independent nation.
Originally built as a military airport in 1938 and used during World War II as the Heinkel firm's southern military aircraft design and production complex, or Heinkel-Süd facility, it was taken over by the British in 1945 and became RAF Schwechat. The site was chosen strategically—flat marshland southeast of Vienna, ideal for runway construction and close to the industrial heart of the Reich's southeastern territories.
After the annexation of Austria into the German Reich in May 1938 the Schwechat-Heidfeld military air base was located on today's airport grounds. Reichsmarschall Hermann Göring himself attended the ceremonial groundbreaking, transforming what had been farmland into a major Luftwaffe installation.
But it was in 1942 that Schwechat's darkest chapter began. Two years later, an SS barracks was built on the site, and from 1943, the Heinkel aircraft factory was relocated here from Rostock. The Heinkel aircraft works moved its operations south after Allied bombing raids devastated its Baltic facilities, and with it came the apparatus of slave labor that powered Nazi Germany's war economy.
The camp was located at what is today the premises of Vienna International Airport. The gate and two buildings of the former Heinkel-Werke still exist and are rented out to airlines by the airport operation company. The Schwechat-Heidfeld concentration camp, a subcamp of the notorious Mauthausen system, was established on grounds that passengers traverse today.
From 1943 to 1945, 2,656 concentration camp prisoners, 3,170 foreign forced laborers, 900 prisoners of war and 5,500 domestic workers toiled seven days a week at the site. They manufactured the Heinkel He 219 night fighter and the He 162 "Volksjäger"—Hitler's desperate attempt to create a mass-producible jet fighter from non-strategic materials.
The malnourished prisoners had to produce aircraft parts for Heinkel-Werke. Even during the heaviest bombings they had to work 12 hours every day. The camp commander, SS-HauptsturmfĂĽhrer Anton Streitwieser, earned a reputation as a mass murderer before on 13 July 1944, the camp was shut down after being destroyed by the allied forces in an air raid. The prisoners were brought to Floridsdorf first, and later some of them were transferred to HinterbrĂĽhl Subcamp and to Schwechat Santa.
For decades, this history was largely unspoken at the airport. In 1995, the Flughafen Wien AG erected a memorial stone on the grounds of the camp. But it was not until 2021, eight decades after the camp's existence, that Flughafen Wien commissioned a more prominent memorial from renowned Austrian artist Arik Brauer—himself a Holocaust survivor whose father was murdered at Dachau.
The memorial, titled "Never Forget," stands before Terminal 3. The damaged form of the propeller symbolises the tragedy of the events which unfolded and is designed to remind people of the millions of human lives which were sent to a certain death by the Nazis. The posture of the arms combined with the propeller is reminiscent of the Christian depiction of Jesus carrying his cross.
After the war, the British occupied the airfield, operating it as RAF Schwechat. In 1954, the Betriebsgesellschaft was founded, and the airport replaced Wien-Aspern Airport as Vienna's (and Austria's) principal aerodrome. There was just one runway, which in 1959 was expanded to measure 3,000 m.
The timing was significant. Austria regained its sovereignty in 1955, declaring permanent neutrality as the price of freedom from four-power occupation. Vienna found itself uniquely positioned—a Western capital at the edge of the Iron Curtain, equidistant from communist Prague and capitalist Munich. This geographic limbo would prove to be the airport's greatest strategic asset.
II. Building the Infrastructure: Growth Through the Cold War (1954–1989)
The early decades of Vienna Airport's civilian operations mirrored Austria's cautious emergence from wartime devastation. The erection of the new airport building began in 1959. In 1972, another runway was built.
Progress came methodically. From a modest beginning with just one runway, the airport grew steadily as Austria's economy recovered and European air travel democratized. In 1982, the airport was connected to the national motorway network (Ostautobahn). In 1986, the enlarged arrivals hall was opened, and in 1988 Pier East with 8 jet bridges was opened.
The original ownership structure reflected the airport's role as a national asset divided among interested parties. The Republic of Austria held 50 percent, with the federal states of Vienna and Lower Austria each holding 25 percent. This tripartite arrangement—federal government plus the two states most directly affected—would prove remarkably durable, surviving privatization and continuing to influence governance decisions to this day.
The Cold War presented Vienna Airport with unique opportunities. Austria's neutrality made Vienna a natural meeting ground for East-West diplomatic encounters, and its airport became an essential transit point. While West German airports couldn't serve Eastern Bloc destinations directly without political complications, Vienna could and did. Austrian Airlines cultivated routes to Prague, Warsaw, Budapest, and even Moscow at a time when such connections from Western hubs were fraught with difficulty.
But the Cold War era also brought terror to Vienna Airport. On 27 December 1985, the El Al ticket counter was attacked by Abu Nidal, a Palestinian terrorist organization that simultaneously conducted a terrorist attack at Fiumicino Airport in Rome. The synchronized attacks killed 23 people across both airports, including an 11-year-old American girl at Vienna. The massacre underscored both Vienna's international significance and its vulnerability as a gateway between worlds.
By 1990, the airport handled nearly 80,000 flight movements and 5.71 million passengers—respectable figures for a neutral nation of eight million, but a fraction of what was to come.
III. The Iron Curtain Falls: Privatization & the 1992 IPO
When the Berlin Wall fell in November 1989, Vienna Airport's executives immediately grasped the opportunity. Cities like Prague, Budapest, Warsaw, and Bucharest—previously accessible primarily through Vienna—would now be served by a flood of Western carriers. But Vienna also stood to benefit enormously if it could position itself as the gateway to the newly opened East.
Following the fall of the Iron Curtain (Velvet Revolution) in 1989-90 and Slovakia's admission to the European Union and Schengen Area in the 2000s, Vienna Airport supplanted Bratislava Airport as the primary airport serving Bratislava. With Slovakia's capital just 57 kilometers to the east, Vienna's catchment area effectively expanded to include a second European capital.
The geopolitical transformation coincided with a broader rethinking of Austrian economic policy. The early 1990s saw Austria preparing for European Union membership (achieved in 1995) and privatizing state assets across multiple sectors. The airport was a natural candidate.
Following the privatization of (national) airlines, the first wave of privatization for airport companies was in the 1990's (Vienna 1992, Copenhagen 1994, Rome 1997, Auckland 1998). Vienna was at the vanguard of this movement—among the earliest airport privatizations globally.
The shares of Flughafen Wien AG have been listed on the Vienna Stock Exchange since 1992. The company's share capital of €152,670,000 is divided into 84,000,000 ordinary bearer shares.
The privatization was carefully structured to maintain public control while accessing private capital markets. The transformation to "Flughafen Wien AG" occurred on April 29, 1992, with shares beginning trading on June 15, 1992. Flughafen Wien AG, one of the few publicly traded airport operators in Europe, was privatised in 1992. The state of Lower Austria and the City of Vienna each hold 20% of the shares, the private employee participation foundation holds 10%, with the remaining 50% held privately.
In addition, the Flughafen Wien share has traded internationally in London's SEAQ over-the-counter market since October 1994. An ADR Programme was established in the USA at the end of 1994, where one share of Flughafen Wien stock corresponds to four American Depository Receipts.
The IPO structure preserved continuity while opening the door to institutional investors. The federal government reduced its stake over subsequent years, eventually exiting entirely, but Vienna and Lower Austria maintained their 20% holdings each. A novel employee foundation was established with 10%, creating alignment between workers and shareholders.
Why partial rather than full privatization? Several factors drove the decision. First, airports are natural monopolies with significant public interest implications—neither Vienna nor Lower Austria wanted to cede control over a critical infrastructure asset. Second, the employee foundation served as a buffer against hostile takeovers while giving staff a direct stake in profitability. Third, retaining substantial public ownership provided political cover for an enterprise that would inevitably face contentious decisions about noise, environmental impact, and expansion.
The structure also reflected Austrian political realities. Vienna (traditionally Social Democratic) and Lower Austria (traditionally Conservative) rarely agreed on anything, but both had powerful interests in the airport—Vienna as the city it served, Lower Austria as the state that hosted it. The syndicate agreement binding their voting rights created a stable block that could neither be bypassed nor easily dissolved.
IV. The Ambitious Master Plan & Terminal Expansion Era (1998–2004)
With privatization complete and passenger volumes growing steadily through the 1990s, management turned to longer-term planning. To accommodate future growth, in 1998 Vienna Airport published a master plan that outlined expansion projects until 2015.
The plan was comprehensive and forward-looking. It called for a new office park to generate non-aviation revenue, railway infrastructure improvements, a cargo center befitting Vienna's role as an East-West logistics hub, a modern air traffic control tower, and—most ambitiously—a new terminal and potentially a third runway.
From 2004 to 2007, an Office Park had been erected offering 69,000 m² of rentable space. A VIP and general aviation terminal, including a separated apron, opened in 2006.
The 2000s brought a steady stream of infrastructure improvements. In 2006, the 109 m tall control tower started operating. It allows a free overview of the entire airport area and offers a night laser show, which aims to welcome the passengers even from the aircraft. The tower became an architectural landmark—visible from approaching aircraft and Vienna's eastern suburbs alike.
Transport connectivity received particular attention. Since December 2014, the first trains passing Vienna's new main station, ICE services from Germany, terminate at the airport. Since December 2015, Ă–BB Railjet services operate to the airport as well. The integration with high-speed rail transformed Vienna Airport from a purely air-connected facility to a multimodal hub.
But the centerpiece of the expansion was to be a new terminal, internally named "Skylink." The project was announced officially in June 2004, with completion scheduled for 2008. Initial cost estimates ranged around €400 million. It would double the terminal's capacity, provide modern facilities for the growing Star Alliance hub operations, and position Vienna alongside Munich and Frankfurt as a world-class European airport.
What followed instead was a disaster that would haunt the company for years.
V. The Skylink Scandal: Austria's Biggest Construction Disaster (2004–2012)
The Skylink terminal project represents one of the most comprehensive failures of corporate governance, construction management, and political oversight in Austrian history. Its trajectory from ambitious expansion to national scandal offers lessons about the limits of public-private hybrid models and the dangers of political interference in commercial decisions.
Die erste Planung fĂĽr einen dritten Terminal war bereits im Jahr 2000 beauftragt worden, die offizielle AnkĂĽndigung erfolgte vor ziemlich genau acht Jahren, im Juni 2004. Der damalige Vorstandssprecher der Flughafen Wien AG, Herbert Kaufmann, nannte dabei als Termin fĂĽr die Fertigstellung 2008. (The first planning for a third terminal was already commissioned in 2000, the official announcement was made almost exactly eight years ago, in June 2004. The then board spokesman of Flughafen Wien AG, Herbert Kaufmann, named 2008 as the completion date.)
Bei der Grundsteinlegung Ende Jänner 2006 wurden die Gesamtkosten mit rund 400 Mio. Euro beziffert. (At the groundbreaking ceremony at the end of January 2006, total costs were stated as around €400 million.)
The warning signs appeared early. In 2007, the project manager was replaced due to "discrepancies." By 2009, costs had exploded to an estimated €929.5 million—more than double the original budget. Die Prüfung des Projekts förderte schließlich kalkulierte Kosten von 830, im äußersten Fall 900 Mio. Euro zutage. (The project review finally revealed calculated costs of €830 million, in the worst case €900 million.)
The Austrian Court of Audit conducted a withering investigation that exposed systematic failures. Die Flughafen Wien AG Ende Juni 2009 die Notbremse und verfügte einen Baustopp, um die Verträge mit den beteiligten Unternehmen nachzuverhandeln. Das Nachrichtenmagazin "profil" berichtete damals, der Vorstand habe zu diesem Zeitpunkt längst "detaillierte" Kenntnis von Termin- und Kostenproblemen gehabt. (Flughafen Wien AG pulled the emergency brake at the end of June 2009 and ordered a construction halt to renegotiate contracts. The news magazine "profil" reported at the time that the board had long had "detailed" knowledge of schedule and cost problems.)
Consultant fees alone reportedly reached 25% of total costs—an astronomical figure suggesting either gross overpayment, work scopes spiraling out of control, or both. Reports emerged of secret budget categories where costs had been hidden to obscure the true trajectory.
The political fallout was severe. Obwohl die Stadt Wien und das Land Niederösterreich jeweils nur 20 Prozent am Flughafen halten, bestimmen Niederösterreichs Landeshauptmann Erwin Pröll und sein Wiener Pendant, Michael Häupl, was in dem börsenotierten Unternehmen zu geschehen hat. (Although the City of Vienna and the state of Lower Austria each hold only 20% of the airport, Lower Austria's Governor Erwin Pröll and his Viennese counterpart, Michael Häupl, determine what happens in the publicly listed company.)
The Skylink scandal exposed the contradictions at the heart of Flughafen Wien's governance. Despite being a publicly traded company with obligations to minority shareholders, decision-making was dominated by political appointees beholden to the Vienna and Lower Austria governments. Board members came and went based on political calculations rather than competence.
Vorerst ist nur eine Entscheidung rechtskräftig: Drei Ex-Vorstände müssen je 40.000 Euro Strafe zahlen, weil sie die Öffentlichkeit und die Aktionäre zu spät über die Kostenexplosion beim Skylink informiert haben. Rund ein Dutzend hochrangige Flughafenmitarbeiter haben durch das Skylink-Debakel ihren Job verloren. Vier Vorstände mussten gehen - zum Teil aber mit Abfertigungen, Ablösen und Konsulentenverträgen von mehr als 700.000 Euro pro Vorstand. (Three ex-board members had to pay €40,000 fines for informing the public and shareholders too late about the cost explosion. Around a dozen senior airport employees lost their jobs. Four board members had to go—in some cases with severance, settlements and consultant contracts of more than €700,000 per board member.)
Criminal investigations were launched. Eine Polizei-Sonderkommission mit neun Kriminalisten arbeitet gemeinsam mit einem Staatsanwalt den Skandal auf. In einem Büro direkt am Flughafen werden derzeit 4.000 Aktenordner ausgewertet. Friedrich Köhl, Sprecher der Staatsanwaltschaft Korneuburg, spricht von 26 Beschuldigten, 135 vernommenen Zeugen und 35 Hausdurchsuchungen. (A police special commission with nine detectives is working together with a prosecutor on the scandal. 4,000 files are currently being evaluated. There are 26 defendants, 135 witnesses interviewed and 35 house searches.)
Wer sich im Jänner 2011 in die behördlichen Ermittlungen zur sogenannten Skylink-Affäre einlesen wollte, brauchte Geduld. Reihte man die Ordner mit den damals angefallenen Akten aneinander, so ergab dies eine Strecke von 160 Metern. (Whoever wanted to read up on the official investigations in January 2011 needed patience. Lined up, the folders with accumulated files stretched 160 meters.)
Remarkably, after years of investigation, Grund zur Erleichterung hatten später auch die Beschuldigten in den diversen Strängen der strafrechtlichen Verfahren. Nach Hunderten Einvernahmen und Dutzenden Hausdurchsuchungen wurden die Ermittlungen 2016, nach knapp sieben Jahren, eingestellt. (The defendants in the various criminal proceedings later had reason for relief. After hundreds of interrogations and dozens of house searches, the investigations were terminated in 2016, after almost seven years.)
Im Juni 2012 schließlich, nach einer mehrmonatigen Testphase, öffnete der Skylink seine Pforten für den Regelbetrieb. Genannt wurde er zu diesem Zeitpunkt allerdings nicht mehr so. Anstelle des belasteten Namens hieß er nun "Check-In 3". (In June 2012, after a months-long test phase, Skylink finally opened for regular operations. But it was no longer called that. Instead of the tainted name, it was now called "Check-In 3.")
Das neue Skylink-Terminal auf dem Wiener Flughafen wird kĂĽnftig nicht mehr Skylink heiĂźen. Aufgrund des Finanzdebakels rund um den Bau des Terminals sei dieser Begriff zu negativ besetzt. Deshalb werde das Terminal kĂĽnftig als "Check In 3" gefĂĽhrt. (The new terminal will no longer be called Skylink. Due to the financial debacle around the construction, the term has become too negatively loaded. Therefore, the terminal will be known as "Check In 3.")
The terminal that finally opened was undeniably impressive—100,000 square meters of space, 17 aircraft positions, capacity for up to 30 million passengers annually. But its birth left deep scars on the organization and its reputation.
VI. New Management & Recovery (2011–2019)
The Skylink disaster necessitated a complete change in leadership. Im September 2011 trat das neue Vorstandsduo Julian Jäger und Günther Ofner das Amt an. (In September 2011, the new board duo Julian Jäger and Günther Ofner took office.)
The Supervisory Board of Flughafen Wien AG today appointed a new Management Board team, which will take over the direction of the company at the beginning of September 2011. Julian Jäger (39) will be responsible for the Aviation Segment. Since 2008 he has served as Chief Executive Officer and Executive Director at Malta International Airport, a majority holding of Flughafen Wien AG that was recognised by ACI as the best European airport of the year in 2010.
GĂĽnther Ofner (54) was appointed chief financial officer and will also be in charge of the Non-Aviation Segment. He has been a member of the management board of the listed Burgenland Holding AG for many years and was recently also responsible for the successful realisation of major projects in South-Eastern Europe.
The choice of Jäger was particularly significant. He had spent the previous three years turning around Malta Airport, transforming it from a troubled state-owned enterprise into an award-winning facility. His appointment signaled that Vienna would apply lessons learned from its Mediterranean investment to its own operations.
Jäger and Ofner immediately set to work completing the Skylink project and rehabilitating the company's reputation. Beide betonten, dass der Skylink unter 800 Mio. Euro kosten werde. (Both emphasized that Skylink would cost under €800 million.) They brought the project to completion at a final cost roughly in line with that revised estimate—a significant achievement given the chaos they inherited.
The new management team implemented systematic improvements across the organization. Terminal refurbishments proceeded methodically: Terminal 1 and Concourses B and D were refurbished between 2012 and 2018. Between 2018 and 2022, Terminal 2 underwent comprehensive renovation.
Revenue diversification became a priority. The airport aggressively developed its non-aviation business—retail, parking, office space, cargo facilities. The "AirportCity" concept transformed the site from a transportation node into a destination in its own right.
A key component of the airport's business strategy is its transformation from a real estate location to a multifunctional airport city. "The Vienna Airport site is also growing," states Ofner. "The new Office Park 4, for which planning work is already underway, will offer more than 20,000sqm of new office space in the Airport City. The expansion of the Cargo Centre featuring one of Austria's largest photovoltaic facilities will be concluded by the end of 2017."
The results spoke for themselves. By 2019, Vienna Airport was reaching heights its scandal-era management could never have achieved. The airport cracked the 31 million passenger mark for the first time in its history, counting 31,662,189 passengers—17.1% more than the previous year.
Lufthansa hub, home carrier Austrian Airlines (approx. 46% market share) Strong growth of low-cost carriers in recent years (approx. 30% market share).
The carrier mix evolved significantly. While Austrian Airlines remained dominant, low-cost carriers including Ryanair and Wizz Air established Vienna as a major base, bringing price-sensitive leisure travelers who supplemented the business traffic that had always been Vienna's bread and butter.
The share price has risen by more than 600% since 2012. For investors who bought shares in the depths of the Skylink scandal, Jäger and Ofner's stewardship delivered extraordinary returns.
VII. IFM Investors & The Ownership Transformation (2014–2023)
While management focused on operational rehabilitation, a fundamental shift in ownership structure was underway. Australia's IFM Investors—one of the world's largest infrastructure fund managers—began accumulating a significant stake.
The bidder will therefore in total acquire 6,279,000 shares in Vienna Airport; this corresponds to 29.9% of the share capital. IFM's initial entry came in late 2014, acquiring just under 30% of the company through a voluntary public offer.
IFM Investors was established more than 25 years ago by not-for-profit Australian pension funds, in partnership with the Australian trade union movement, with the aim of protecting and growing the long-term retirement savings of 120 million working people around the world.
IFM GIF has a long history of investing in assets around the world with 22 current portfolio investments spanning airports, seaports and toll roads, as well as energy, water and telecommunication assets. IFM GIF's airport experience includes investments in Flughafen Wien Group (Vienna, Malta and Košice airports), Manchester Airports Group (Manchester, London Stansted and East Midlands airports) and Sydney Airport.
The logic was compelling from IFM's perspective. Airports represent classic infrastructure investments—long-duration assets with regulated or quasi-regulated revenue streams, essential public utility characteristics, and natural monopoly positions. Vienna offered additional attractions: exposure to Eastern European growth, a stable political environment, professional management recovering from scandal, and room for operational improvement.
"Despite the difficult economic situation for the aviation industry, we believe in the strong fundamentals of Flughafen Wien and in Austria as a place to invest." "During our more than seven years as an existing shareholder, we have recognized Flughafen Wien as a well-managed and well-run company. We have therefore decided to acquire additional shares." "The takeover offer is required under the Austrian legal framework, but we are not seeking majority control of the company."
IFM continued building its position throughout the 2020s. In June 2022, its stake crossed the 40% threshold, Airports Group Europe now holds above 40.0% of the entire share capital in Flughafen Wien Aktiengesellschaft and as a result is obliged to launch a mandatory takeover offer in relation to all remaining shares.
IFM Investors triggered a provision to make a mandatory takeover of Vienna Airport in June when its stake reached 40%. However, the Austrian Takeover Commission decided that the fund manager was not obliged to launch the takeover offer for all remaining shares.
The Austrian regulators permitted a partial offer rather than requiring a full takeover bid—a nuanced application of takeover rules that acknowledged the unique ownership structure. The City of Vienna and Lower Austria had no intention of selling their stakes, and forcing IFM to bid for shares that wouldn't be tendered would have served no purpose.
E+H also advised on the subsequent "investment control proceedings for the approval of the transaction before the Austrian Ministry of Labour and Economy, which was approved in phase II. This was the first public tender offer under the Austrian takeover act that required approval under the new Austrian investment control act."
Under the remedies imposed by Austrian Ministry of Labor and Economy, Airports Group Europe may not propose more than two candidates to the supervisory board of Flughafen Wien AG and may not propose changes to the articles of association of Flughafen Wien AG.
Airports Group Europe will, upon completion of the settlement, hold 36,434,021 shares in Flughafen Wien AG in total; this corresponds to approximately 43.37% of the entire share capital of Flughafen Wien AG. Considering the 125,319 treasury shares this corresponds to a total of approximately 43.44% of the total voting rights.
Der Flughafen gehört zu jeweils 20 Prozent der Stadt Wien und dem Land Niederösterreich, zehn Prozent hält eine Mitarbeiter-Beteiligungsstiftung, 44 Prozent die Airports Group Europe und der Streubesitz liegt bei sechs Prozent. (The airport belongs 20% each to the City of Vienna and the state of Lower Austria, 10% is held by an employee participation foundation, 44% by Airports Group Europe, and the free float is 6%.)
The resulting ownership structure is genuinely unusual. IFM—representing Australian pension beneficiaries—is the single largest shareholder, but cannot control the company without cooperation from the public shareholders. Vienna and Lower Austria together hold 40% with syndicated voting rights. The employee foundation holds 10%. And a small free float of around 6% trades on the Vienna Stock Exchange.
This creates a governance dynamic where strategic decisions require consensus among parties with very different interests. IFM wants stable returns and long-term value creation. Vienna and Lower Austria care about employment, regional development, and connectivity. Employees want job security and profit sharing. Small shareholders want liquidity and appreciation.
VIII. COVID-19 Pandemic: Crisis & Survival (2020–2022)
The COVID-19 pandemic hit Flughafen Wien with devastating force. The company that had celebrated record traffic in 2019 suddenly faced an existential crisis.
As a consequence of global travel restrictions and the large number of cancelled flights, the number of passengers handled by the Flughafen Wien Group (Vienna Airport, Malta Airport, Kosice Airport) fell by 99.6% to 15,002 travellers. In April 2020, the airport that typically handled over 100,000 passengers daily was processing barely 500.
The number of passengers at Vienna Airport fell by 65.3% from the prior-year level to 5,090,546 travelers. The number of flight movements from January to June 2020 was down by 58.5% from the prior-year period to 53,093 starts and landings.
The full-year figures were catastrophic. In 2020, Vienna Airport recorded 7,812,938 passengers—75.3% fewer travelers than the previous year.
Revenue of the Flughafen Wien Group in Q1-3/2020 fell by 56.9% to €277.0 million. EBITDA declined by 80.1% to €62.3 million, and EBIT was down by 120.3% to minus €43.6 million.
Management responded with aggressive cost containment. Massive cost savings programme of €220 million, €100 million reduction in investment projects and company-wide short-time work for approx. 6,000 employees are the cornerstones of crisis response efforts.
This unprecedented crisis without parallel in the history of aviation poses major challenges to Flughafen Wien AG. The company is well equipped, and in any case Vienna Airport will succeed in surviving this crisis, thanks to the initiated cost-saving and liquidity safeguard measures.
Unlike many airports that required emergency government bailouts, Flughafen Wien's conservative pre-pandemic financial management provided crucial buffers. The company had entered the crisis with modest debt and strong cash generation, allowing it to weather the storm without state rescue packages.
The pandemic also delayed critical infrastructure projects. Construction of the Southern Expansion of Terminal 3, which had been scheduled to begin in 2024 or 2025, was pushed back. Since 2022, the aviation industry has been recovering worldwide, and the project has resumed.
Recovery began in 2021 but remained uneven. The airport handled 10.4 million passengers in 2021—still down 67.1% from 2019's pre-crisis level. Business travel, in particular, lagged leisure recovery as corporations discovered the viability of video conferencing.
IX. The Remarkable Recovery & Record-Breaking 2024
The recovery that began in 2022 accelerated dramatically through 2023 and 2024, culminating in Vienna Airport's best year ever.
In the year 2023, Vienna International Airport served 29.5 million passengers, an increase of 24.7% compared to 2022. This figure was 93.3% of pre-pandemic 2019 levels and the second highest in the airport's history. Much of the increase in traffic at Vienna Airport in 2023 was driven by local passengers, which saw a 28.2% increase to 22.8 million.
The Flughafen Wien Group (Vienna Airport and the international strategic investments in Malta Airport and Kosice Airport) reported an increase of passenger traffic in the period January-December 2024 to a total of 41,412,671 travellers, comprising a rise of 9.1% year-on-year. This improvement also corresponds to a rise in passenger traffic of 4.8% compared to the pre-crisis level of 2019.
In den darauffolgenden Jahren regenerierten sich die Zahlen wieder, bis sie 2024 auf einen neuen Höchstwert von 31,72 Millionen anstiegen, was eine Steigerung von etwa 50.000 Passagieren im Vergleich zum Jahr 2019 war. (In the following years the numbers regenerated until they rose to a new high of 31.72 million in 2024, an increase of about 50,000 passengers compared to 2019.)
Vienna Airport: 3.3 million passengers in July 2024 – strongest month and record single-day passenger. Passenger volume at Vienna Airport in the month of July 2024 improved compared to the previous year, with the number of passengers up to a total of 3,324,096 travellers (+5.7%), or 5.1% higher than the pre-crisis level of July 2019. This represents a new record passenger volume in the 70-year history of Vienna Airport. On average, the airport welcomed 107,000 passengers each day in July, and a new all-time high for a single day was registered on 26 July 2024, with 115,989 travellers.
The financial results were equally impressive. Revenue increase of 13.0% to €1,052.7 million, EBITDA improvement of 12.4% to €442.3 million and EBIT rise of 16.9% to €306.1 million – Group net profit up 27.0% to €239.5 million.
Es ist das beste Geschäftsergebnis in der Geschichte der Flughafen Wien AG – 1,05 Milliarden Euro betrug der Umsatz im Jahr 2024. Das ist ein Anstieg von 13 Prozent im Vergleich zum Jahr 2023. (It is the best business result in the history of Flughafen Wien AG—revenue was €1.05 billion in 2024. This is an increase of 13 percent compared to 2023.)
Das Nettoergebnis erreichte €239,5 Mio. (+27,0%), die Dividende steigt auf €1,65 je Aktie (2023: €1,32). (Net income reached €239.5 million (+27.0%), the dividend rises to €1.65 per share (2023: €1.32).)
On top of its passenger record, VIE also handled its highest-ever cargo tonnage at 297,945, beating its 2019 total of 283,806. Driving VIE's record year was its highest-ever seat load factor at an average of 80.8% across the year.
Flughafen Wien AG also registered its highest-ever share price in 2024 at €55.20, and its market capitalization is approximately €4.5 billion.
The number of local passengers at Vienna Airport climbed by 8.9% to 24,865,388 travellers, whereas transfer passenger traffic was up 2.1% to 6,757,308. Capacity utilisation of the aircraft (seat load factor) also improved considerably, equalling 80.8% for the entire year 2024.
Several factors drove the recovery beyond simple pent-up travel demand. First, Vienna benefited from Austria's relatively lower aviation taxes compared to Germany, where ticket taxes reached €77 for long-haul flights versus €12 in Austria. Second, the airport's efficient operations—Vienna ranks as the most punctual hub in the Lufthansa Group—attracted additional capacity from airlines seeking reliable operations. Third, the low-cost carrier segment continued expanding, bringing price-sensitive travelers who might previously have used other European hubs.
X. The Third Runway Decision: A Strategic Pivot (November 2025)
Just days before this writing, Flughafen Wien announced a decision that ended nearly three decades of planning and controversy. Flughafen Wien AG has formally decided to abandon its long-planned third runway project, concluding that the initiative is no longer economically or operationally justified.
Management Board members Julian Jäger and Günther Ofner cited several decisive factors: projected construction costs have surged to nearly €2 billion, approval procedures have dragged on for years, and the airport's key airline customers no longer support the project.
With the project of a third runway, the airport has wasted a total of around 90 million euros over 25 years. "But we are now saving an investment of two billion," said Jäger.
The decision reflects a fundamental shift in aviation economics. In 2005, Vienna Airport averaged 71 passengers per aircraft movement; by 2024, the figure had risen to 139, thanks to larger aircraft, easing pressure on runway capacity.
The two-runway system will remain in place, and improvements to terminal facilities are expected to help accommodate up to 52 million passengers annually — a growth projection that remains robust without the need for additional runways.
Meanwhile, airlines including Ryanair and Austrian Airlines have also opposed Vienna Airport's runway plans, amid concerns around increased tariffs that would be imposed to fund the project.
"Will we make a return on this 2 billion euro investment? The clear conclusion was no, that's not possible," Julian Jaeger said.
The third runway saga had been fraught with controversy. Vienna's third runway has been the subject of intense debate since 1996. Environmental groups, local communities, and even some airlines had opposed the project for years. In 2017, Austria's constitutional court overturned a ruling that had blocked the project on climate grounds.
While the decision does not rule out revisiting a runway project in the distant future under new conditions and demand, Flughafen Wien AG will now write off €55.9 million previously allocated to environmental funds and neighbouring communities under a mediation agreement. The non-cash disposal will affect the 2025 financial results, prompting the airport to revise its 2025 net-income guidance to around €210 million, down from €230 million.
A third runway cannot be ruled out for all time, "but we will not have to think about it again until the 2040s at the earliest." Jäger sees the airport as financially well-positioned: "We have 400 million euros in reserve" and are debt-free.
XI. Business Model Deep-Dive: Five Segments
Flughafen Wien AG operates through five distinct business segments, each contributing differently to revenues and profitability.
The company operates through five segments: Airport, Handling & Security Services, Retail & Properties, Malta, and Other. The Airport segment operates and maintains aircraft movement areas and terminals, as well as the equipment and facilities for passenger and baggage handling; provides security controls for passengers and hand luggage. This segment also offers a range of services to support airport operations, deals with emergencies and disruptions, and ensures security.
Airport Segment: This is the core regulated business—runway operations, terminal facilities, passenger processing. Q1-3/2025 revenue of the Airport Segment climbed from the prior-year period to €403.7 million, whereas segment EBIT improved to €126.1 million. Revenue comes primarily from landing fees, passenger charges, and aircraft parking fees. As a regulated business, pricing must be approved by authorities, but Vienna benefits from relatively favorable regulatory treatment compared to some European peers.
Handling & Security Services Segment: The Handling & Security Services segment provides services for aircraft and passenger handling of scheduled, charter and general aviation traffic. This includes ground handling (baggage, ramp services, passenger assistance) and security screening. Unlike some airports that outsource these functions, Vienna's integrated model provides quality control and captures additional margin.
Retail & Properties Segment: The Retail & Properties segment offers services to support airport operations, including shopping, food and beverages, VIP, lounges, and parking; and advertising services, as well as develops and markets properties. Retail & Properties proved a key earnings lever in the period, with segment revenue advancing to €160.3m and EBIT climbing to €72.1m, underlining the continued resilience of commercial spending at Vienna Airport.
The AirportCity development has been particularly successful. 2025 setzt sich der Boom an Betriebsansiedlungen in der AirportCity fort: Der österreichische Reiseveranstalter TUI Austria verlegt bereits seine Unternehmenszentrale an den Flughafen-Standort und demnächst eröffnet Helios den größten Logistikpark Österreichs mit 80.000 m². Bis Ende 2025 eröffnet mit dem "Vienna House Easy" das mit 510 Zimmern viertgrößte Hotel Österreichs am Flughafen. Mit über 23.000 Beschäftigten in mehr als 250 Unternehmen am Standort ist der Flughafen Wien der größte Arbeitgeber der Ostregion.
Malta Segment: The Malta segment operates Malta airport; provides aviation and parking services; and rents retail and office space. Revenue of the Malta Segment in the first three quarters of 2025 was up to €118.5 million compared to the prior-year period and segment EBIT equalled €62.7 million.
Vienna's investment in Malta dates back to 2002, when privatization opened the Mediterranean island's airport to foreign participation. Since the privatisation of Malta Airport in the year 2002, Flughafen Wien has owned a 57.1% stake through its subsidiary VIE (Malta) Limited in MMLC. With the buy-out, Flughafen Wien's share in MMLC has risen to more than 95%.
Malta Airport reported a passenger volume of 8,957,451 travellers in 2024, representing a rise of 14.8% from the previous year and 22.5% higher than the pre-crisis level of 2019.
Other Segment: The Other segment offers technical and repair, energy supply and waste disposal, telecommunications and information technology, electromechanical and building, construction management, and consulting services.
XII. Competitive Position & Strategic Analysis
Vienna Airport occupies a distinctive position in the European airport landscape—neither a mega-hub like Frankfurt or Amsterdam, nor a secondary regional facility.
Alongside Frankfurt, Munich, Berlin, DĂĽsseldorf and Zurich, Vienna Airport is one of six Lufthansa hubs. The home carrier, Austrian Airlines, last year achieved a market share of approximately 46%, that of the Lufthansa Group as a whole is slightly above 50%. Various low-cost carriers have generated significant growth in the last few years, increasing their share most recently to almost 30% of total passenger numbers.
Austrian Airlines has more passengers today than in 2019, holding a market share of almost 47% in Vienna. The entire Lufthansa Group represents over 51% of passengers, with an additional 30% going to LCCs.
Geographic Moat: Vienna Airport benefits in particular from its large catchment area, which, in addition to Austria, also includes part of the Czech Republic, Slovakia and Hungary. The focus of the connections served from Vienna is routes within Europe (approximately 85% of the total number of passengers). Vienna Airport functions here as an important hub for destinations in Central and Eastern Europe. Attractive long-haul connections round off the profile.
Competitive Dynamics: This tough competition directly impacts Austrian and us. Munich and Zurich are certainly the toughest competitors for Vienna—and this competition could intensify if ITA Airways' Rome hub becomes part of the Lufthansa Group.
Vienna Airport is said to be the most punctual hub for Lufthansa Group airlines. After the pandemic, Austrian Airlines has achieved excellent punctuality, ranking as the third-most-punctual airline in Europe. Additionally, Vienna is recognized as the third-most-punctual hub in Europe, following Copenhagen and Oslo. Within the Lufthansa Group, Austrian stands out as the most punctual airline, and Vienna holds the distinction of being the most punctual hub.
Regulatory Advantage: In Germany, the ticket tax has undergone a drastic increase, reaching €77 for a long-haul flight, whereas in Austria, it is €12. We have a special tax for ultra-short journeys here, which is acceptable. However, the airports and their connectivity play a crucial role for the respective regions. I believe it is positive that we are evolving as a more favorable aviation location than Germany and Switzerland.
Porter's Five Forces Analysis
Threat of New Entrants: LOW — Building a competing airport serving Vienna is effectively impossible. The capital investment, regulatory approvals, environmental clearances, and time required create insurmountable barriers. Vienna Airport's monopoly on commercial aviation in its catchment area is secure.
Bargaining Power of Suppliers: MODERATE — Key suppliers include construction contractors, technology vendors, and labor. The Skylink scandal demonstrated that construction suppliers can extract significant value when governance is weak. However, with improved management, supplier power is manageable.
Bargaining Power of Customers (Airlines): MODERATE TO HIGH — Airlines, particularly Austrian Airlines and Lufthansa Group, represent concentrated buyer power. Their decision to add or reduce capacity directly impacts the airport. The third runway cancellation explicitly noted that airline opposition made the project unviable. However, airlines also have limited alternatives—Vienna's geographic position is unique.
Threat of Substitutes: LOW TO MODERATE — High-speed rail competes on some routes, but Vienna's position as an East-West gateway means most destinations lack viable rail alternatives. Video conferencing proved a partial substitute for business travel during COVID, but leisure travel has fully recovered and business travel is stabilizing.
Rivalry Among Existing Competitors: LOW — As the only significant commercial airport in its catchment area, Vienna faces no direct local competition. The competitive dynamic is primarily with other European hubs for connecting traffic.
Hamilton Helmer's 7 Powers Framework
Scale Economies: Vienna achieves meaningful scale economies in handling operations, security, and infrastructure maintenance. Fixed costs are spread across 32 million passengers annually.
Network Effects: Limited—unlike digital platforms, airports don't exhibit strong network effects. However, airline networks create secondary network effects: more destinations attract more passengers, which attracts more airlines.
Counter-Positioning: Vienna's integrated model (owning its own handling and security operations) represents counter-positioning relative to airports that outsource these functions. Incumbents could theoretically insource, but organizational and labor complexities make this difficult.
Switching Costs: Airlines face moderate switching costs—slot portfolios, ground handling relationships, and passenger familiarity create friction. For passengers, switching costs are low if alternative airports serve their route.
Branding: Vienna Airport has invested significantly in quality and service awards. Vienna Airport has been on the Skytrax podium for the fifth time: In first place in 2015, 2016, 2017 and 2019, and in second place in 2018. Brand value matters for passenger experience expectations and airline relationships.
Cornered Resource: Vienna's geographic position is a cornered resource—57 kilometers from Bratislava, at the intersection of Central Europe and the Balkans, serving a wealthy capital city. This cannot be replicated.
Process Power: Operational excellence—Vienna's position as the most punctual Lufthansa hub—represents process power accumulated through years of investment in systems and capabilities.
XIII. Financial Overview & Outlook
Flughafen Wien enters the remainder of 2025 in the strongest financial position in its history.
EBITDA rose to €377.1 million compared to the prior-year level (Q1-3/2024: €368.1 million), whereas EBIT climbed to €278.8 million (Q1-3/2024: €268.7 million). The EBITDA margin fell by 1.9 percentage points to 44.6%. The Group net profit before non-controlling interests was up to €215.7 million in Q1-3/2025 (Q1-3/2024: €207.0 million).
This considerable earnings improvement can be attributed to the good operational performance and a clearly positive financial result related to the complete elimination of debt and higher interest income.
The Flughafen Wien Group confirms its earlier forecast and continues to expect total revenue to equal roughly €1.080 million by the end of the year, as well as EBITDA amounting to approx. €440 million and a Group net profit for the year before non-controlling interests of about €230 million. Total investments of approx. €300 million are anticipated in the year 2025.
Note: Following the third runway cancellation announcement, Flughafen Wien AG revised its guidance for net income to around €210 million, a slight decrease from previous estimates of €230 million due to the €55.9 million non-cash write-off.
Die für das Jahr 2025 geplanten Investitionen in der Höhe von rund 300 Millionen Euro sollen jedenfalls vollständig aus eigenen Mitteln finanziert werden. (The investments planned for 2025 of around €300 million are to be financed entirely from the company's own funds.)
The company's debt-free status provides exceptional financial flexibility. Gesteigerte Nettoliquidität (€511,6 Mio.) bringt finanziellen Spielraum für umfassende Investitionsvorhaben. (Increased net liquidity of €511.6 million provides financial scope for comprehensive investment projects.)
Key Investment Projects: - 2027 wird die neue Terminal-Süderweiterung in Betrieb gehen, Passagiere genießen dann auf 70.000 m² zusätzlicher Terminalfläche mehr Aufenthaltsqualität, zusätzliche Shopping- und Gastronomieangebote, neue Lounges und hochmoderne Sicherheitskontrollen. (In 2027, the new Terminal Southern Expansion will be put into operation, passengers will enjoy more quality of stay on 70,000 m² of additional terminal space.) - Das größte Investitionsprojekt ist die Terminal-Süderweiterung, weitere Investitionen fließen in die Erweiterung des Office Park 4 sowie in Modernisierungen, wie etwa die Terminal 1A-Sanierung.
XIV. Investment Considerations: Bull Case vs. Bear Case
The Bull Case
Structural Growth Tailwinds: Vienna benefits from multiple secular trends—rising middle-class travel demand in Central and Eastern Europe, Austria's position as a tourism destination, and the growth of low-cost carriers. The catchment area includes parts of Slovakia, Czech Republic, and Hungary, providing demographic tailwinds even if Austrian growth moderates.
Monopoly Position with Pricing Power: As the only significant commercial airport serving Vienna, Flughafen Wien enjoys a natural monopoly with regulated but generally supportive pricing authority. The cancellation of the third runway actually reduces long-term capital requirements while existing capacity can accommodate growth to 52 million passengers.
Diversified Revenue Streams: Non-aviation revenue (retail, property, parking) provides higher margins than regulated airport charges. The AirportCity development creates an annuity-like income stream from office and logistics rentals.
Strong Balance Sheet: Debt-free status and €511 million net cash position provide resilience against downturns and optionality for acquisitions or capital returns.
Management Track Record: Jäger and Ofner have delivered exceptional shareholder returns since 2011, guiding the company through scandal, pandemic, and recovery. Mit Beschluss des Aufsichtsrates vom 24.06.2024 wurde Herr Dr. Ofner für eine weitere 3-Jahresperiode bis 30.09.2028 zum Vorstandsmitglied der Flughafen Wien AG bestellt. (Ofner was appointed for another 3-year term until September 30, 2028.)
Malta Optionality: The Malta investment provides geographic diversification, exposure to Mediterranean tourism growth, and demonstrates international expansion capabilities.
The Bear Case
Austrian Airlines Concentration Risk: With approximately 47% market share, Austrian Airlines' fortunes drive Vienna's results. While Lufthansa's ownership provides stability, decisions made in Frankfurt or Munich about network allocation could disadvantage Vienna. Lufthansa Group faces its own competitive pressures from Gulf carriers and European LCCs.
Regulatory and Political Risk: Despite being publicly traded, the company's governance reflects political influence from Vienna and Lower Austria shareholders. The Skylink scandal demonstrated how political appointments can compromise decision-making.
Cost Inflation Pressures: Increasing cost pressure, especially rising personnel expenses, negatively impacted the profitability of the Flughafen Wien Group. Labor costs in Austria are high relative to competing locations, and wage inflation shows no signs of abating.
European Regulatory Overhang: Die Flughafen Wien AG trotz der positiven Entwicklung und der soliden Prognosen für 2025 weiterhin mit einer Herausforderung konfrontiert—der Überregulierung durch die EU. Diese werde als inflationstreibend empfunden. (Flughafen Wien AG continues to face a challenge despite positive developments—overregulation by the EU, which is perceived as inflationary.)
Geopolitical Exposure: Vienna's position as a gateway to Eastern Europe cuts both ways. The Ukraine war has disrupted routes to Russia and Ukraine, and ongoing regional instability creates traffic volatility.
Climate Policy Risks: Aviation faces increasing regulatory and social pressure regarding emissions. Carbon pricing, passenger taxes, and flight shame movements could suppress demand growth, particularly for short-haul routes that comprise the majority of Vienna's traffic.
XV. Key Performance Indicators to Monitor
For investors tracking Flughafen Wien's ongoing performance, three KPIs deserve particular attention:
1. Passengers per Flight Movement (PPM) This ratio measures how efficiently runway capacity translates into passenger throughput. In 2005, Vienna Airport averaged 71 passengers per aircraft movement; by 2024, the figure had risen to 139. Rising PPM indicates either larger aircraft, higher load factors, or both—all positive for revenues without requiring additional infrastructure. With the third runway cancelled, maximizing passengers per movement becomes the critical growth driver. Monitor this quarterly in traffic reports.
2. Revenue per Passenger (RPP) This metric captures both pricing power and commercial success. It combines aviation revenues (charges) with non-aviation revenues (retail, parking, F&B). Rising RPP indicates either successful price negotiations with airlines, expanded commercial offerings, or both. Declining RPP could signal competitive pressure or retail weakness. Compare year-over-year to isolate underlying trends from seasonal variation.
3. EBITDA Margin The EBITDA margin fell by 1.9 percentage points to 44.6%. This metric captures operational efficiency—the conversion of revenues to operating cash flow before capital investments. While some margin compression is expected during heavy investment periods (Southern Expansion), sustained margin decline would indicate cost control issues or pricing weakness. A well-managed airport should sustain EBITDA margins above 40%.
XVI. Conclusion: Europe's Gateway Looks East
The story of Flughafen Wien is, in many ways, the story of Austria itself—a small country at the crossroads of great powers, leveraging geography and neutrality to punch above its weight.
From the ashes of wartime destruction and occupation, through the careful construction of Cold War neutrality, to the explosive opportunity of Eastern European integration, Vienna Airport has adapted to each era's demands. It survived scandal that would have broken lesser organizations. It weathered a pandemic that collapsed passenger volumes by 75%. And it emerged from these trials stronger than ever—debt-free, profitable, and well-positioned for decades of future growth.
The company's hybrid nature—simultaneously a public utility, a commercial enterprise, and an infrastructure investment—creates unique governance challenges but also distinctive resilience. Australian pensioners, Austrian taxpayers, and airport employees all have stakes in its success. This complexity, frustrating at times, also provides stability that pure private or pure public models cannot match.
It is our clear objective to become a 5-star airport by implementing these improvements. Management's ambition remains undimmed. The Southern Expansion will add 70,000 square meters of premium terminal space by 2027. The AirportCity development continues attracting corporate tenants. And the decision to abandon the third runway, while initially controversial, represents disciplined capital allocation—avoiding a €2 billion investment that wouldn't generate adequate returns.
Vienna may never rival Frankfurt or Amsterdam in absolute scale. But for a focused mission—connecting Central Europe to the world—it has few peers. As such, Vienna International Airport is one of the easiest airports in Europe for transfers.
The airport that emerged from a warplane factory, that houses a memorial to concentration camp victims alongside gleaming retail concourses, that survived Austria's biggest construction scandal to post record profits—this airport endures because it serves a function no substitute can replicate. As long as people need to fly into and out of Vienna, Bratislava's hinterland, and the heart of Central Europe, Flughafen Wien will thrive.
Ownership Summary (as of late 2025): - Airports Group Europe (IFM Investors): ~44% - City of Vienna: 20% (syndicated) - State of Lower Austria: 20% (syndicated) - Employee Foundation: 10% - Free Float: ~6%
Key Financial Metrics (2024): - Revenue: €1,052.7 million (+13.0%) - EBITDA: €442.3 million (+12.4%) - Net Profit: €239.5 million (+27.0%) - Dividend: €1.65 per share - Market Capitalization: ~€4.5 billion
2025 Guidance (revised for third runway write-off): - Revenue: ~€1.08 billion - EBITDA: ~€440 million - Net Profit: ~€210 million - Capital Expenditure: ~€300 million (self-funded)
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