Wizz Air Holdings PLC

Latest Results (03.03.2026):

Wizz Air Holdings PLC — Q1 F26: the group returned to growth with total revenues of €1,428m (+13% YoY) and ASK up 11%, RASK +2.1% (4.41c). EBITDA was €300m (+9%), operating profit fell to €27.5m, and reported net profit was €38.4m (Q1 PBT €38m was materially boosted by a €65m net FX gain). Costs rose and ex‑fuel unit costs increased, but the balance sheet shows higher cash and reduced net debt.

Revenue & traffic

Total revenues €1,428m (Q1 F25: €1,259m, +13%); ASK 32.40bn (+11%); load factor 91.1% (91.0%). Ticket RASK 2.47c (+2.5% YoY) and ancillary RASK 1.94c (+1.6%), supporting overall RASK improvement.

Profitability

EBITDA €300m (+9% YoY). Operating profit declined to €27.5m (from €44.6m) as higher non‑fuel costs and depreciation weighed on results. Reported net profit €38.4m was boosted by a €65m net FX gain that materially lifted PBT.

Costs & unit costs

Total costs €1,445m (+15% YoY); operating expenses €1,401m (+15%). Ex‑fuel CASK rose to 3.11c (+14% YoY); fuel CASK fell ~14% to 1.35c. Key drivers: higher maintenance and depreciation (CEO fleet timing and capitalized maintenance), ATC and airport charges, and disruption/grounding effects.

Balance sheet & liquidity

Gross cash €1,965m (+13% YoY); net debt €4,705m (down €251m vs F25 year‑end). Net Debt / 12‑month EBITDAR 4.1x (from 4.4x). Liquidity ratio (Q1 cash / last 12 months’ revenue) 36.1% (up from 34.1%). Company expects further reductions in non‑aircraft financing and specific bond/repayment actions.

Operational headwinds

Results remain impacted by Pratt & Whitney engine issues and a higher grounded‑aircraft ratio, increasing maintenance and disruption costs and reducing time‑on‑wing. Middle East tensions and route exposures (notably Abu Dhabi) also negatively affected June performance.

Strategy & actions underway

Management is accelerating structural actions: suspend/exit Wizz Air Abu Dhabi and redeploy aircraft to Europe, right‑size XLR exposure (target ~10–15 vs larger prior order), retire CEO fleet, slow delivery pace, and prioritize returning grounded aircraft to service to improve unit costs into F27.

Q2 F26 outlook

Q2 ASKs expected up high single digits YoY; Q2 RASK to date flat and load factor flat. Fuel CASK expected down high‑single digits; ex‑fuel unit trends are expected to improve versus Q1 as strategic actions and fleet changes take effect.

Hedges & FX risk

Hedge positions: substantial fuel and FX coverage (weighted ceilings/floors shown in the presentation), US$ lease coverage ~90% (US$3.8bn leases vs US$3.4bn cash & swaps). Management highlights active FX/hedge risk management; the Q1 FX gain heavily impacted reported profit.