Wizz Air reported a net profit of €1.3m for FY 2025:2026 ended March 31, a sharp decline from the €213.9m gain recorded a year earlier. While the 99.4% drop is stark, the S&P consensus had anticipated a loss of €5.4m, even as the company itself had targeted a bottom line ranging from break-even to a slight profit.

The Hungarian carrier thus posted EPS of €0.03, significantly outperforming the consensus estimate of -€0.13.
Revenue grew by 8% to €5.69bn (just under consensus of €5.76bn), driven by a 10% increase in passenger volume to a record 69.7 million.

Seat capacity rose by 10.5%, while the load factor dipped slightly to 90.7%, compared to 91.2% a year ago.

EBITDA reached €1.32bn (+16.2%), exceeding the consensus of €1.20bn, while operating profit fell 16.6% to €139.7m, also well above consensus expectations of €82.9m.

Finally, while fuel expenses decreased by 1.9% to €1.76bn, maintenance costs surged by 40.1%.
"We are well positioned to deliver sustainable growth and create long-term value," said Wizz Air CEO Jozsef Varadi. 

Regarding its outlook, Wizz Air did not provide an annual financial target, citing a lack of visibility on trading seasons and geopolitical uncertainties related to the conflict with Iran and the situation in the Middle East.

However, the group anticipates capacity growth of 15% in Q1 and 20% in Q2 this new fiscal year.

Analyst Reaction

Following the release, Bernstein maintained its "market perform" rating on Wizz Air, with an unchanged target price of 1,300 pence.

The broker described the airline's decision to maintain aggressive capacity growth in 2027 as "bold" despite a more challenging environment. It estimates that the planned increase in seats, which could reach 25% for the fiscal year, heightens operational and financial risks.

The note highlights that this strategy comes as fuel prices rise significantly, a cost item that represented 31% of revenue in 2026. Bernstein believes it will be difficult to manage such a level of growth while preserving profitability.
According to the broker, maintaining sustained expansion in the second half of the year, a season that is traditionally less favorable, increases uncertainty regarding the group's future results.

Meanwhile, UBS reiterated its "buy" rating on Wizz Air, with an unchanged TP of 1,430 pence.

The broker considers the 2026 results to hold "no surprises" but highlights several positive factors likely to support its investment thesis. UBS specifically noted the improved balance sheet, with cash reserves rising to €2.1bn and financial leverage reduced to 3.7x (down from 4.4x previously).

The note mentions a more favorable outlook regarding GTF engine-related groundings, with the number of grounded aircraft expected to drop to 15:20 units by the end of 2027, as well as a return to positive summer RASK (revenue per available seat kilometer).