Wizz Air Holdings PLC

Latest Results (15.04.2026):

Wizz Air Holdings PLC — Q1 F26 (quarter 1 of fiscal year 2026): the group returned to growth with revenues up 13% YoY to €1,428m and RASK improving 2.1% to 4.41 euro cents. EBITDA rose 9% to €300m, reported net profit was €38.4m (Q1 PBT ~€38m), but operating profit fell to €27.5m as costs and one‑offs weighed on margins. Key headwinds remain Pratt & Whitney engine-related groundings and higher non-fuel unit costs, while management is executing network and fleet actions (including exiting Abu Dhabi and slowing XLR exposure) to restore profitability and reduce volatility.

Revenue and unit-income

Total revenues €1,428m (+13% YoY). Ticket RASK €2.47 (+2.5% YoY) and Ancillary RASK €1.94 (+1.6% YoY) drove total RASK to 4.41c (+2.1%). ASK +11% to 32.40bn and load factor 91.1% (flat YoY).

Profitability

EBITDA €300m (+9% YoY). Operating profit €27.5m (-38% YoY). Reported net profit €38.4m was supported by a €65m net FX gain that materially boosted Q1 PBT; prior-year results benefited from larger sale & leaseback (SLB) gains, which reduced YoY.

Costs and unit metrics

Total CASK 4.46c (+4% YoY). Ex‑fuel CASK 3.11c (+14% YoY) — inflation in maintenance, depreciation and airport/handling drove the increase. Fuel CASK fell ~14% to 1.35c; aggregate fuel expense €438m (-5% YoY).

Cash, leverage and liquidity

Gross cash €1,965m (+13% YoY). Net debt €4,705m (-5% YoY; down ~€251m vs F25 year‑end). Net debt / 12‑month EBITDAR 4.1x (improved from 4.4x). Liquidity ratio (Q1 cash / last 12 months’ revenue) 36.1% (vs 34.1% a year ago).

One‑offs and drivers

Q1 benefited from a €65m net FX gain; SLB-related gains were lower than in Q1 F25, reducing other income. Ongoing P&W engine issues have caused parked CEOs and higher maintenance/depreciation; management expects this headwind to unwind over time.

Strategy and operational actions

Management is accelerating structural actions: exit/suspension of Abu Dhabi operations, redeployment/unparking of grounded aircraft, slowing medium‑term growth, reducing XLR order exposure and retiring older CEO aircraft to modernize the fleet and cut unit costs.

Outlook for Q2 and F27 commentary

Q2 ASKs expected up high‑single digits YoY; load factor broadly flat; Q2 RASK to date flat YoY. Fuel CASK expected down high‑single digits; ex‑fuel unit trends expected to improve vs Q1. Company expresses confidence that F27 unit costs will improve as CEO exits and grounded aircraft return to service.

Risk & credit

Fitch recently downgraded the rating to BB (stable), noting groundings as temporary and expecting strategic actions plus gradual fleet recovery to support credit profile. US$ lease coverage ~90% and fuel/FX hedges are in place to mitigate volatility.