Flughafen Wien AG

gave also an outlook for 2026. So if we go to the first slide, you see the headlines. We had a rise in our revenue of 7.2%, which reflects a very good business performance and in all division and in all our daughter companies we had positive contributions to earnings. Saying that we have to remind you that the project of the third runway was abandoned and out of that we have roughly 55.9 million of assets that are now removed from our balance sheet and therefore net income EBITDA are negatively affected. So net income is down from 239 to 210. And as you can see in these figures, it was possible by a better operating performance to offset half of this negative effect. So it was only relative to the expectation 26 million that are now offset and 29 million that came through to the net income.

As these

The recognition of assets is a one-off effect and has no cash impact. We decided to keep the dividend stable and the proposal is to pay €1.65 as it was the case in 2024. That equals a payout ratio of 75%, which is above our dividend guidance so far, but I think is justified given that we had a very good development of the business overall. If we go more into the details, you see that the financial result was again positive in 2025. We had less as it was in 24, so from 15.5 to 11.1. This is reflecting the fact of lower interest rates and we foresee that our net cash position will be substantially reduced in 2026 as we have a new record high in regard of capex and investments of 330 million. What is Interesting is that we see a growing contribution of Malta Airport to our group net profit. So roughly one fourth in million 49.8 are coming already from Malta operation. If we look at the development of our costs, you see that consumers and services used, especially energy, was more or less flat compared 24 to 25. Personal expenses unfortunately went up around 12%, including gate two, which was now only included in an equity consolidation instead of full consolidation. So if we add that, it's a little bit more than 12%. Other operating expenses are up slightly, plus the 55.9% due to the third runway cancellation. They are included in other operating expenses. Clearly EBITDA margin is down from 42 to 36.5 and also EBIT margin is down from 29.1 to 24.8. So if we move on, you see that the development of our cash flow from operating activities was down roughly 110 million. On the other side, free cash flow is up at 45 million. And CAPEX was 281 compared to 189 last year. So we have been able to increase by roughly 100 million. And net liquidity is reduced from 511 to 413. due to our payout of the dividend and also the investments. Equity is up to 1626 and equity ratio is slightly up at 71.6. One of the reasons why our operating cash flow is reduced is that we have had higher payout for taxes. And this will continue also in 2026. And that's due to the fact that we had lower repayments in the COVID period. And now we have to fill this gap with cash payout for taxes in Malta and in Vienna. As I already mentioned, dividend yield of 3%, payout ratio of 75%, and stable dividend. And it's in line with our general attempt to have a sustainable dividend policy. And let's hope that we can fulfill this promise also in the next three years.