Flughafen Wien AG

Yeah, it's 3 p.m. sharp. I welcome everyone to the conference call of Vienna Airport on its Q3 results. The board will walk you through the presentation and is then happy to discuss any questions you might have after the presentation. The call is recorded. A replay will be on our website right after we finish the session. So, Mr. Hofner, I hand over to you.

Yeah, good afternoon, and I can present you our results for the first three quarters of 2025. And as you maybe already saw in the presentation, we have plus 6.7% in revenue to 845 million. EBITDA is up 2.4% to 377 and group net profit up 4.2% to 215 million. So overall, very, very encouraging results. The only problem we phase since maybe the last three years, but especially 24 and 25 is an ongoing cost pressure which burdens our EBITDA and is slightly reducing our productivity. As you see in the latest figures of passenger growth, our guidance for 2025 is well based and we can confirm it right now with already clear visibility uh for for full year expectations what we need now is an efficiency improvement and cost reduction program which is under work right now because we are in the process of making our budget for 2026 which will be uh for uh approval in our supervisory board uh mid of december and details for the program we will release beginning of january with the traffic results of 2025 but what we hope for is and what we are working on is to at least partially mitigate the effects of the tariff reduction and maybe lower traffic results for the coming year. I mean, cost management is always a very important issue. And I'm very positive that we will reach a lot of effects throughout the whole company, in all departments, in all our daughter companies. last but not least we will also reduce our personal costs which is the most challenging issue all the time but with a step-by-step approach i think we will be also successful there if you look at the figures more in detail you see that Despite the fact that interest rates are going down, we maintained a positive development of our financial results, only slightly below the first nine months of 2024, with now 11.6 million compared to 11.9 million. And from today's perspective, we will have a lower EBTR margin. It was 46.5 in the first nine months of 2024. It's now 44.6 for the first nine months. So it's not too bad at this level. but definitely it's less than it was the year before. And the reason for that is that cost increases all over the board, and especially also with personal costs negatively impacted overall profitability. If we move on to expenses, you see that consumables and services used could be kept more or less stable. Personal expenses went up by 9.2% if we put into account the change in consolidation of our subsidiary Get2, which is responsible for the cleaning, the personal cost increase would even be 13.4% year on year, including also a high degree of increase from Malta. That's even beyond the cost increase here in Ghana. Other operating expenses went up by 11.6%. That is the other side of the coin of the personal expenses of G2, which has been included before. in the personal expenses and is now in the other operating expenses depreciation slightly below the figures of 2024 and as already mentioned ebitda margin at 44.6 compared to 46.5 and ebit margin uh at 33 percent compared to 33.9 percent in the last year if you look at our cash flow you see that it is slightly down the cash flow from operating activities from 322 to 268. On the other hand, the free cash flow went up 26% from 114 to 145. The increase in capex is as planned. So we went up from 131 to 199.5. And we will see how much will be added until the end of the year. So we will end up below the expected 300, but not too far from that. The net liquidity was slightly reduced also by the high dividend payout and is now at 438 compared to 511, but it's still on a very satisfying level. given the fact that we are now in a cycle of investments, and still we plan that we will finance the major investments of the coming years out of cash flow and net liquidity, so we will not need credits for the foreseeable years now. Equity went up from 1.6667 to 1.731, so a plus of 3.7% and an equity ratio of roughly 70%, which still is a very good figure. Our southern expansion of Terminal 3 is on budget and on schedule and will open as planned in 2027. We now are going to work on the tenant feed outs and interior construction work. and all the technical systems and the energy supply and as well as the connection to the existing terminal areas but everything so far is on plan and no no major issues there we are also expecting the new hotel to open operations already in december and we will start the next weeks the expansion of our office park four so that we can start the operation there at 2028 a lot of other projects are on the way and So far, everything is within the plan. So, last but not least, to remember the financial guidance for 2025, we expect a revenue of 1.80 million, EBITDA approximately 440 or even a little bit better, Group net profit approximately 230 million, maybe a little bit better given the latest traffic results, and capex somewhere below 300, but more or less close to 300. We should end up at the 31st of December. So that are the main Informations and figures from my side and I hand over to Julian.

Man hört dich nicht. I will continue with the traffic development.

In the first three quarters we saw growth in the group of 4%, 32.9 million passengers, mainly driven by Malta, plus 10.8%, Vienna plus 1.9%, Kosice nearly 10% growth, um yeah with a strong october um vienna was um better than in the rest of the year as well with 3.1 million passengers plus 3.7 percent multi again a stunning 16.7 percent and koshitsa more than 15 growth so overall we are at 4.3 percent growth in the group in in january to october and um Plus 11 Malta, plus 10 Kosice, plus 2 Vienna.

If we... Continue on the next slide. The peak was very strong.

So we had a solid passenger growth in summer. We had in August the highest single month passenger volume in history, 3.4 million passengers in Vienna. We had a new single day record with more than 120,000 passengers in August. So overall, very positive development here in Vienna, ongoing robust cargo growth of 7.8%. to 233,000 tons in Q123. so overall i think we can be happy with the development as well although we know we will not reach these figures next year but i'm coming to that later i think load factors are really strong if you look here at october last year we had a record year in terms of load factors this october was even better and and january to october slightly below the 2024 figures so overall i think we can be quite quite happy with the development. If we look at the regional distribution, I think the only thing which is probably outstanding on this slide is Asia Pacific, plus 25%, market share 4%. So we saw growth to Tokyo, Bangkok, Singapore, Beijing, Chengdu. Overall, as expected, Asia, East Asia is coming back. um with a certain delay after the pandemic uh north america essentially fled to europe essentially fled with the exception of eastern europe uh here mainly southeast um uh southeastern europe tirana pristina kijinao burgas uh growing uh middle east slight glow grows plus 2.2 percent um Africa plus 2.9, so overall I would say a satisfying development. Looking at the up lines, Austrian slight growth plus 0.8%, Ryanair flat this year, Wizz Air already a slight reduction of minus 4.4%. Yeah, and I think the rest is pretty solid. Pegasus growing, Etihad growing. Overall, I would say, yeah, an okay development. Lufthansa Group pretty much flat, close to 50% market share. Low-cost carriers probably for the last time. for a couple of years above 30% market share, 30.4%. So we will see here quite some significant changes in the distribution of our passengers next year. But overall, yeah, a good picture this year. What works really well in Vienna is operations punctuality, again, amongst the top three above 25 million passenger airports, just also in Copenhagen in front of us with an average of 83.7%. Again, like most airports this year, we improved punctuality in 2025, but we are still Yeah, in the top three. So I think better than Munich, better than Frankfurt, better than Zurich. So especially within the Lufthansa Group, we kept our lead as the operationally best hub of Lufthansa Group. Yeah, what do we have to expect in terms of low cost next year? Wiese will close their base operations in Vienna. He already went down to three aircraft in the winter schedule and really will close the base completely mid-March. Essentially, I think this was the result of a strategy change of Wizz Air. I think they will concentrate again more on Eastern Europe. Until mid this year, we had interesting discussions with the top management about a possible base of XLR here in Vienna and flights to India. As you know, they reduced the order of the XLRs very significantly from more than 40 to less than 10. So I think this strategy has changed from Vizier again. They are leaving the Middle East, essentially. In Vienna, we always had a high proportion of flights to the Arabian Peninsula. So overall, Yeah, we would have had to reduce our charges so significantly that on the one hand, we didn't want to do that. On the other hand, I think even legally, this would not have been possible for us. So that's why we eventually decided to close their base here. Ryanair, in my perspective, will take Wizz now in Bratislava. and we will see quite some growth here in Bratislava next year. My impression is that Ryanair wants to get rid of Wizz Air in the catchment area. So therefore, yeah, my impression is that what we've seen here in 2019, that Ryanair is fighting their turf and showing Wizz their limits will happen next summer in Bratislava. And yeah, it's anybody's guess how this will end. Obviously, I would say in terms of Ryanair reductions, we are victims of the circumstances in terms of tax environment in Vienna. We have a flat 12 euro per passenger tax. As you know, Ryanair is fighting all the governments which have taxes on aviation in place. It's the same here in Vienna. They are attacking the Austrian government quite fiercely. If this strategy works out or not, we'll see in the future. But obviously, if you... uh if you take these 12 euros this is roughly a 40 increase on our airport charges and obviously in a competitive environment where hungary uh sweden reduced the charges to zero where slovakia is is actively supporting airlines especially for the intra-Slovakian flight from Bratislava to Kosice. This is a competitive disadvantage, so therefore we will do our utmost to get here at least a reduction in the future, which is difficult to achieve on the short term. We still don't exactly know the flight plans of Ryanair for next summer. I think we will see. Hopefully we have some more clarity here in January. I mean, those reductions are painful and will put pressure on revenues, costs and results next year. But I think we have to see it a bit in perspective as well. And you probably, those who are covering us for a couple of years already, know that we had extraordinary change in 2018-19 following the Air Berlin bankruptcy. To a certain extent, it was always clear that probably not all of the growth is really there for the long run. and really sustainable. So we saw huge growth between 2017 and 2019. We went from 24 to nearly 32 million passengers. We recovered very quickly after the pandemic. And now we will see next year a reduction of something around 2.5 million passengers from Ryanair and Vizier, probably a bit more. But overall, if you see our average growth, which was 5.3% between 2000 and 2019, so significant above the European average, I think we will sustain a year or two where we are below our record, which we will achieve this year. And I'm pretty optimistic that we will reach the 32 million passengers and probably surpass this mark in 2025. To talk about the positive developments, Austrian is, let's say, fighting back. They will base two additional aircraft next summer. They will launch a Dubai service. We will see increased frequencies to Bangkok, to Mauritius, to Rome. So overall, I think a good summer flight schedule as far as we see it today for 26. Scoot will increase next year by one frequency to Singapore. Air Corsica launches new flights to Ajaccio and Bastia. A Baltic resumption of flights to Tallinn as of March. ACS has come back to Vienna recently, 12 frequencies per week to Copenhagen. Condor just increased their frequencies to Frankfurt up to three daily. EasyJet is expanding their offering. Air India is going to four frequencies. Air Arabia with a daily frequency to Sharjah. What is not on this slide, but what news which reached us very recently, we expect Etihad to increase by four weekly frequencies by next summer. So overall, there are positive developments as well, and we will lose a bit of ultra low cost, but we will get some other capacity as well. And I would say overall, the passenger outlook for 2026 remains challenging at this point. Typically, airlines announce their capacity at the beginning of the year. So there's still a lot of movement and you can see here that we still get news in one or other direction. So therefore, as I said, the capacity reduction of Wiesn and Ryanair from today's perspective should be roughly 2.5 million passengers, maybe a bit more, but we are confident to compensate around the quarter of this reduction. And as usually we will get in much more detail in these respects in January. I think I've said everything to this slide. We can confirm our passenger guidance. We will probably slightly hit the 32 million in Vienna. We will get very close to the 10 million in Malta. We will have a record in Kosice. So I'm optimistic that we will surpass the 42 million passengers in the group. Yeah, record results wherever we look, but we all know that 2026 will be challenging for us. Still, I would say there are some we can see some light on the horizon as well. I think if the Middle East remains or will get more peaceful than in 2025, I think this would be a huge opportunity for Austria. I think these are extremely important passenger flows from Tel Aviv to the US, but as well, from Teheran, so the whole region, Amman. So I think there's a lot of potential for Vienna in the Middle East. Obviously, Ukraine was always a very important market for us, and would be a strong market for us again. So mid-term, we are optimistic that sooner or later, these geopolitical tensions will ease, and I see quite some growth potential from these areas. Coming to the segment results, uh starting with the airport segment um yeah i think that we we obviously capitalize on the uh the passenger growth uh q123 um plus 7.8 percent in ebit plus 4.1 percent ebitda plus 5.7 percent revenue um overall uh healthy results I would say obviously there as well and then in so far we'll get a double whammy next year with reduction in passenger numbers reduction in passenger charges so the passenger service charge minus 4.6 landing fees minus 2.1 percent to be expected. The formula kicks in again, but obviously this will not make our life easier in 2026. Coming to handling, I think with a strong third quarter overall, still below the 2024 figures, EBIT of 8.4 million versus 10.9 million in 2024. Obviously, this is the area where the personal expense increase hits the most. We've got 1,500 people in ground handling. We have 1,000 people in security. So overall, this is where we feel the heat. Still, I think in terms of revenue, things are going in the right direction. Cargo in particular, very strong. So overall, I think the development is okay. We are significantly positive, but we feel here the pressure in terms of staff costs, and this is an area where we will have to focus on a lot in the coming months and years. Just last week, we celebrated the establishment of JETA, the newly established South Korean cargo airline which officially launched the operations in Vienna and selected us as their primary European hub. So overall we are still optimistic that cargo will continue to grow and and we are we're doing our utmost to keep here very close relations in particular with the the big korean airlines like korean and and the newly founded acheta which is a a joint venture of asiana which went bust and and yeah inchium Retail and properties. Yeah, I think in reality the result is better than the figures show here actually, because we have a flat EBIT development when the revenue increased by nearly 8 million or even more than 8 million. I think we have a number of negative one-offs respectively one positive one-off in the same period of last year. So we were impacted here by increasing personal expenses, mainly provisions. and costs related to the demolition of existing buildings for the purpose of space optimization. This is a negative one-off, or those are the two negative one-offs in the third quarter this year. And we had a positive effect relating to the reversal of a bad debt allowance in the previous year. So overall, if we remove these one offs, we would have the normalized margin here in the retail and properties segment. So overall, I think the negative one-offs were a bit more than 4 million. The positive effect last year was a bit more than 1 million. So overall, we are talking about more than 5 million one-offs, which seem to burden this segment. Still encouraging, so I think overall sales in centre management and hospitality and parking in Vienna are above the passenger development. um so center management revenue plus seven percent parking plus five rentals plus two uh and we see a lot of interest in uh our tender for the the space in in the south extension of terminal three we are in the very final stages of choosing the operators for our 10,000 square meter extension. And in particular, in terms of F&B space, we are at the very late stage and it will be sincerely a best of Vienna with very good commercial offers as well. So we will disclose this in the coming weeks and we are quite happy with the outcome of this tender. Let me come to my last slide, Malta. Uninterrupted rise in passenger volume. Revenue plus 10%, EBITDA plus 6.7%, EBIT plus 5.4%, 62.7 million. Strong growth to Poland. Again, Ryanair growing, Wizz Air growing. more frequencies, new destinations in the winter flight schedule. So as far as I can judge, I think the outlook for next year is not bad as well. Hotels, being built or extended in Malta. So overall, Malta is still banking a lot of growing tourist numbers and therefore we remain optimistic in Malta as well. Obviously, as you know, we have a very significant investment program in Malta. We need to urgently extend the terminal building. which has just started now, I would say. We have already extended the apron, which will now cover us for the coming decades, I would say, in terms of aircraft parking space. um we are building a new sky parks building we are building a hotel um so overall i think there's a lot going on here in the next three years i would say but um due to the significant growth this is urgently needed to to cater for uh the growing passenger numbers yeah that's that's it from my end uh thanks a lot for your attention and we are happy uh to discuss our report now

Yes, let's start the Q&A session. Happy to discuss any topics of interest. Hands are already raised. Let's go in order. Vladimira, please go ahead.

Yes, hello. Good afternoon. Congratulations. Two very solid set of numbers and seems to be that growth is maybe more dynamic now in October than one would originally anticipate. Yeah, my questions would be focusing on upcoming challenges. That means 2026 you said that you plan to introduce cost reduction and efficiency improvement program. Could you a little bit more elaborate what are the key elements of the program and if you can share maybe already some preliminary scope of savings you want to achieve. Next would be, you pointed out to the lower passenger numbers because of the withdrawal or partial withdrawal of low-cost carriers. Do you have maybe some plan here how to improve position of Vienna, increase its attractiveness? Do you take some active measures to fill in this gap and get maybe more passenger traffic or you simply wait and see what are the plans of other carriers? So this would be my major questions. Thank you.

Yeah, starting maybe with your first question. That's our daily work now and work in progress because we are in the second half of our budget process. And what you can expect is that through the whole company, in all departments, in all our daughter companies, we defined measures to improve productivity and to lower costs so material costs service costs personal costs so in all all parts of our operations we are defining such measures What is not possible right now is to give you an exact number what it will end up, because this is part of the budget that will be approved by the supervisory board in four weeks from now. And what I can generally claim is that we try to offset as much as possible from the effects for 2026. Will we be able to offset all of the problems? No. That would overstretch, I think, the possibilities, but it will be a very substantial part of it.

Let me continue with your second question. We obviously never just wait and see, Vladimir. So I think we are always very actively engaging with our airlines, regardless if if these airlines are already operating in Vienna or they are not yet operating to Vienna. So we are obviously and our team is in touch with I would say all relevant European airlines and obviously it will not be easy to replace eight or nine aircraft here in Vienna on the short run. There is no airline I can see which would just come and base eight, nine aircraft here in Vienna. So I think we will have to work with many individual airlines to replace the capacity over the years in total, but not with one bang and one airline. I mean, obviously, EasyJet comes to anybody's mind, but EasyJet is a very slow mover. And therefore, as I said, I think, and I think you saw the list, so there is a number of good news and the airlines coming back to Vienna, growing in Vienna, but it will take until we replace this intra-European capacity. And on long haul, me and my team, we are constantly in touch with Airlines, mainly in Asia, who could fly into Vienna. And they are optimistic as well. We will see in the next one or two years, like we saw in recent years with the comeback of ANA Air India. Now this year we got Scoot from Singapore. So I'm very optimistic that we will see here some long-haul growth as well. In terms of conditions, we reduce our charges or we have to reduce our charges next year anyway, so this should improve our competitive position a bit. We will definitely do our utmost, but probably in a completely different style than Ryanair, to convince our government that overall it would be a net contribution to the Austrian budget if there would be a reduction in the tax because this would be financed with more tourists coming to Austria. But I don't foresee next year any other changes in terms of charges. I think a reduction on average of 4% is anyway a significant improvement. And what we will stop next year is the winter incentive. So the winter incentive is still applicable now in January and December, but it will not be applicable anymore next year.

This was my sub-question, if you have any incentives already in plan maybe to attract more airlines or increase activities of existing players.

For new airlines and new destinations, we have an attractive package anyway in place. For airlines which have a certain volume, I think we have good conditions. I think what really harms us is the ticket tax. And you can see the development in Germany where the German government now is reducing the ticket tax. They are not abolishing it. But I think in terms of ultra low cost, our biggest problem is is the ticket tax. And I think it shows how strong our market is that in the years after COVID, they didn't care. But now more and more countries reduce aviation taxes, and this makes obviously the competitive environment for us more difficult.

Okay, thank you very much. Thank you. Welcome. Henry, please continue.

Yes, sure. Hi, everybody. Also, thanks for the presentation and congrats on the strong results.

I have one question regarding the latest topic we just talked about, the air taxes. So we already mentioned Germany is reducing them, not abolishing them. them, but I've seen that in Austria there's a parliamentary motion to abolish it completely. This is, I think, by the FPÖ, so the opposition party. So, sort of, what is your assessment on this, that it might go through even? And then, a direct follow-up question would this maybe alter the decision of Ryanair and Wizz Air to reduce or is this more or less final and maybe then speaking more long term if this may be reduced we will see this effect now and the Ryanair and Wizz Air reduction now but then maybe 2027 2028 they will come back now because the capacity planning is already done so what sort of your idea here what's your take on this

I think there's a 0% chance that this motion goes through. I think it does not help, and this is where I completely disagree with Michael O'Leary, although probably not in content, but in style. I think there would be a lot of discussions behind closed doors necessary to get a reduction or an abolishment of the ticket tax. It does not work with the sledgehammer, I would say. But let's see. So I don't think that, I mean, we have a double budget, 25, 26, and nobody in the government would touch this budget now. So the earliest imaginable reduction would be in 2027. We will do our utmost, and I think we have a lot of good arguments, but there will be no change I think we there even and I mean in the end. They had a lot of troubles in in recent years as well with with with their capacity with engines and so on. I don't see Wizz Air coming next soon. I think it will be interesting to see how the battle between Ryanair and Wizz Air will turn out next year in Bratislava. But obviously, yes, if there would be a significant reduction or even an abolishment, I would see Ryanair growing again. But I think it would be premature to talk about years and dates. I think we will have to wait and see. We will try to convince our government to give here really a reduction in the financial burden on the airlines. And then I would be optimistic that we would see ultra low cost growth again in Vienna. Probably more from Ryanair than from Visea.

Thanks for the political sort of more color on this.

That helps a lot because we don't follow your Austrian news on a daily basis. So it's always good to have this picture. Then second question from me is maybe for Dr. Ulfner. I've seen uh the operating cash flow was was lower due to cash out for taxes mainly in this uh i see if if i look at the p l there's a discrepancy between p l taxes and and cash taxes so what's what's sort of the difference here and can we expect something uh like that to revert back in the coming quarters or years or what's what's sort of behind this

Yeah, I mean, in the face of Corona and immediately after that, all our prepayments have been reduced. And now we have to, let me say, refill what we didn't pay in advance. And we also have now higher advance payments. And all that sums up to roughly 120 million. And it includes also the tax payment in Malta for 2025, which amounts to roughly 33 million. So it's a normal process. And in 26 and the following years, we will not see such extraordinary events because the repayment now is adapted to the expected results.

Right, thanks for this. And then my last question, I think also for you, Dr. Ofner. On next year personal expense, so now the inflation rate is still at 4%. The V4 expects 2% for 2026, if my understanding is correct. So that gives us something between 2% and 4% for, I think, a demand for the collective labor wage increase for next year as well. So this is sort of against your cost efficiency program or one step against this. What's sort of your take if you had a, I mean, you don't have it, of course, but if you had a glass bowl to look in the future, what would your estimate be on the wage inflation for 2026, for the one in May, actually?

So it will definitely be low inflation rate. I mean, finally, we will have to agree for the new collective agreement in May 2026. But we definitely will be below inflation. And we will reduce workforce throughout the year. So altogether, I hope that we can see an absolute reduction in personal expenses compared to 2025.

Great. Thanks a lot. That's been it from my side. Thank you.

Philip, your questions are still on the table.

Yes, hi, good afternoon. Thanks for taking my questions. Hope you can hear me. First question, I just would like to revert on the incentives, on the winter incentives of this year again. So could you elaborate again why you don't want to repeat those incentives given the pressure on traffic is much higher this year? So what basically changed here on your thinking compared to last year? And then also regarding traffic, can you already judge how much of the planes of the ultra low cost carriers that have left the Vienna base will maybe be compensated by them still flying into Vienna from other bases? Is there any visibility that you have here? So this would be the first two questions that I would have.

Yeah. To start with your second one, no, we don't have visibility there. I don't expect that Wizz Air will fly a lot into Vienna, probably not at all. Ryanair, we don't have yet full visibility. So we don't even have full visibility for February and March. So there are still some things in the air. Overall, I just have to delay this discussion for January. We'll get every day Some good news, some bad news, but the net effect of the reductions of the ultra-low cost in next year, we will just get a better idea in January. Regarding your first question, I think this is pretty easy to answer. When we introduced the winter incentive this year, we looked at a very significant increase in airport charges plus 4.6% passenger service charge and what our idea was back then to even it a bit out. So that's why we introduced the winter incentive. And I would not see that again, the winter incentive would have any significant positive impact on capacity next year. And therefore, with a reduction of 4.6% on our passenger service charge and security charge, that's why we discontinued this incentive for next year.

Okay, understood. Thanks a lot. And then maybe one more for the retail segment. Do you also see any weakness here as regards to the spending per passenger from any potential weaker macro? So is there a feeling that you see that passengers just take back on their spending at your shops at the airport?

Actually, this is something we expect all the time, but it doesn't really happen that much. What we see is a reduction in banks. This is not a major part of our business so so the market share here is minute but but this is an area where we see constant decreases which is yeah not a big surprise given that we don't have a lot of Russians anymore that that we you know so so passengers from areas where you usually carry um some cash and exchange it significantly less than probably for the pandemic. But all the rest is at passenger development or even above. So this year, so far, we cannot complain. And in terms of F&Bs, it's good. or it's significantly above the passenger development. Duty-free is slightly above the passenger development. So overall, we are satisfied, I would say, with the development. As I said, PRR, centre management and hospitality, cumulated is 5.7%. Passenger development is below 3% in Vienna. So overall it's okay, I would say.

okay okay thanks a lot and then maybe one more if i can on on malta um so the mba margin reduction in in malta that led to basically a flat q3 every day year over year is it is it mainly due to investments um that you that you are now conducting or is there any other effect um here weighing as well that uh that you would see pressuring margins

I mean, I would say it's not only investment. We see some cost uplift overall in motor as well. But Capex is part of it. and Capex will expand in the coming years. So we will invest more than 100 million euros probably next year, and we will invest more than 300 million euros until 2030, so in the next five years. So overall, I think we, I mean, if you see the passenger numbers going through this, small terminal, which has insignificantly changed since I left in 2011, when we had 3.5 million passengers. I think everybody will understand that we will have to invest here very significantly. And therefore, yes, I would say probably not next year, but in the years to come, the margins in Malta will reduce here as well. But overall, I see still a very strong sentiment in Malta. I see very ambitious government in terms of how to grow tourism figures. I see a very strong cooperation between the tourism industry, the airport and government. So overall, we are very optimistic for the future development here. But yes, obviously, to sustain these levels of passengers and cater for future growth, we will have to invest here very significantly.

Right. Thanks a lot. That would be it from my side. Thank you. Any further questions? No hand is raised. Then I would thank everybody in the call.

for discussing the topics of interest, for showing the interest in Vienna Airport. And the next scheduled event is January 20th with the traffic figures for 2025 and the financial outlook for 2026. Thank you.

Thank you.

Bye-bye.

Bye-bye.

Thank you. Bye-bye.