WIZZ AIR HOLDINGS PLC
F26 H1 Results Presentation
© 2004 - 2025 Wizz Air Group
© 2004 - 2025 Wizz Air Group DC1-Internal Data
November 13. 2025
Profitable H1 with decisive strategic action
We are executing a deliberate pivot to de-risk our business and build a sustainable platform for profitable growth
Passengers increased
+9.8%
to 36.5m
Revenue increase
+9.0%
to €3.3B
EBITDA increase
+18.8%
to €981.3m
Operating profit increase
+25.8%
to €439.2m
Net profit increase
+2.6%
to €323.5m
− Network consolidation
Wizz Air Abu Dhabi JV operations closed (September 1, 2025), Vienna base closed (effective March 2026)
All capacity being redeployed to highest-margin CEE routes (including new markets such as Bratislava, Chisinau, Podgorica, Tuzla)
− Fleet growth & financing de-risking with upside
Airbus renegotiation concluded to re-profile the order book
Deferral of 88 aircraft deliveries & swapping A321XLR orders for A321neo aircraft
Moving to a balanced financing model to reduce long term lease costs, increase operating margin and build asset base
− Disciplined, profitable future growth
Targeting 10-12% capacity CAGR to F30
Focusing on our core CEE, Italian and London markets where we have a structural CASK advantage and will gain and maintain share
*
− Expected benefit: more resilient RASK, lower long-term CASK, stronger balance sheet
Strong H1 operating performanceF26 winter remains a challenge
Unit data
H1 F26
H1 F25
yoy (%)
Ticket RASK (€ c)
2.87
2.87
0.1%
Ancillary RASK (€ c)
2.11
2.11
0.1%
TOTAL RASK
4.98
4.98
0.1%
ASKs (bn)
67.1
61.6
8.9%
Load Factor
92.4%
92.4%
0.0pp
Summary data (€m)
H1 F26
H1 F25
YoY (%)
Ticket revenue
1,926.6
1,767.5
9.0%
Ancillary revenue
1,415.5
1,298.6
9.0%
Total Revenue
3,342.1
3,066.1
9.0%
Fuel costs
928.3
948.0
(2.1%)
Non-fuel costs
1,425.2
1,227.7
16.1%
Other costs / (income)
7.3
64.4
(88.7%)
EBITDA
981.3
826.0
18.8%
Depreciation & amortization
542.1
476.8
13.7%
Operating costs
2,902.9
2,716.9
6.8%
Operating profit
439.2
349.2
25.8%
Net financing (loss) / gain
88.9
(80.5)
(210.4%)
FX (loss) / gain
100.3
94.3
6.4%
Tax (charge) /credit
(127.1)
(47.8)
nm
Reported net profit
323.5
315.2
2.6%
Summary
H1 RASK flat YoY, reflecting a strong Q1 (+2.1%) followed by a softer Q2
(-0.9%) due to Israel flights suspension, Iran tension and AUH wind up
Managed ASK adjustments, as expected from Middle East withdrawal actions, from +11.0% YoY in Q1 to +6.9% YoY in Q2
FX gain of €100.3m in H1; with €35.7m in Q2 (vs. €104m gain in Q2
F25) due to lease liability hedging scale up
H1 tax charge reflects unwind of deferred tax asset booked in prior year
from establishing the Maltese aircraft asset management company
Summer is proof we can deliver reliability even under a constrained fleet environment
Winter (Q3 / Q4) will come with transitional inefficiencies ahead of the slowing of fleet growth, but secures long-term market access and customer scale
H1 F26 Total CASK down helped by positive Q2 performanceCosts
H1 F26
(€m)
H1 F25
(€m)
yoy
(€m)
H1 F26 CASK
(€c)
H1 F25 CASK
(€c)
(cents)
yoy (%)
Fuel
928.3
948.0
(19.7)
1.38
1.54
(0.15)
(10.4%)
Staff costs
327.3
279.9
47.4
0.49
0.45
0.03
8.9%
Maintenance
205.2
176.3
28.9
0.31
0.29
0.02
6.9%
Airport, handling & en route
816.3
708.6
107.7
1.22
1.15
0.07
6.1%
Depreciation & amortization
542.1
476.8
65.3
0.81
0.77
0.03
5.2%
Distribution & marketing
76.4
62.9
13.5
0.11
0.10
0.01
10.0%
Other costs / (income)
7.3
64.4
(57.1)
0.01
0.11
(0.10)
nm
Total operating expenses
2,902.9
2,716.9
188.0
4.33
4.41
(0.08)
(1.8%)
Net financial charge
88.9
80.0
8.9
0.13
0.13
0.00
Ex-fuel CASK
3.08
3.01
0.07
2.7%
Fuel CASK
1.38
1.53
(0.15)
(10.4%)
Total CASK
4.46
4.54
(0.08)
(1.8%)
Summary
H1 Total CASK down 2% YoY, ex-fuel CASK +2.3%
ex-fuel CASK improved in Q2, down -6% YoY (Q1
+14% YoY)
Driven by Q2 summer operational performance:
− Completion Rate: 99.65%
− On-Time Performance (OTP): 61% (vs 50% last year)
− This operational stability directly resulted in a c. €29m
YoY reduction in disruption costs
SLB activity generated €27.5m (0.06c) lower benefits
this year, primarily due to lower transaction volume
Last year's long-term wet lease commitments
removed delivering a €76m H1 saving
Other costs / income
H1 F26
(€m)
H1 F25
(€m)
yoy (€m)
H1 F26
CASK (€c)
H1 F25
CASK (€c)
yoy
(cents)
Sale leaseback
56.3
83.8
(27.5)
0.08
0.14
(0.05)
Credits & compensation
148.8
146.3 2.5
0.22
0.24
(0.02)
Disruption costs
(86.5)
(115.5)
29.0
(0.13)
(0.19)
0.06
Wet leases
(18.6)
(94.9)
76.3
(0.03)
(0.15)
0.13
Others
(107.3)
(84.1)
(23.3)
(0.16)
(0.14)
(0.02)
Others
(7.3)
(64.4)
57.1
(0.01)
(0.11)
0.10
Underlying cost inflation is moderating: Residual ex-fuel cost inflation (excluding "Other Costs") improved quarter-on-quarter, slowing from +6.5% YoY in Q1 to
+5.1% in Q2 YoY
Q3 and Q4 cost trends expected to remain elevated YoY, in line with expectations communicated earlier this year
Q2 F26: Solid operating profit in peak summer
Unit data Q2 F26 Q2 F25 yoy (%)
Summary data (€m) Q2 F26 (€m) Q2 F25 (€m) yoy (%)
Ticket RASK (€ c) Ancillary RASK (€ c) | 3.25 2.27 | 3.29 2.29 | -1.0% -0.7% |
TOTAL RASK | 5.52 | 5.57 | -0.9% |
ASKs (bn) | 34.7 | 32.4 | 6.9% |
Load Factor | 93.5% | 93.7% | -0.2pp |
Strong underlying performance, with FX and tax impacting YoY comparison
Ticket revenue Ancillary revenue | 1,127.5 786.4 | 1,065.7 741.1 | 5.8% 6.1% |
Total Revenue | 1,913.9 | 1,806.8 | 5.9% |
Fuel costs | 490.2 | 488.1 | 0.4% |
Non-fuel costs | 736.7 | 646.1 | 14.0% |
Other costs / (income) | 5.9 | 121.3 | (95.1%) |
EBITDA | 681.1 | 551.3 | 23.5% |
Depreciation & amortization | 269.4 | 246.8 | 9.2% |
Operating costs | 1,502.2 | 1,502.3 | 0.0% |
Operating profit | 411.7 | 304.7 | 35.1% |
Net financing (loss) / gain | 133.0 | (41.5) | (420.5%) |
FX (loss) / gain | 35.7 | 104.4 | (65.8%) |
Tax (charge) /credit | (117.5) | (53.5) | 119.5% |
Reported net profit | 285.1 | 314.0 | (9.2%) |
Costs | Q2 F26 (€m) | Q2 F25 (€m) | yoy (abs) | Q2 F26 CASK | Q2 F25 CASK | (abs) | yoy (%) |
Fuel | 490.2 | 488.1 2.1 | 1.41 | 1.51 | (0.09) (6.0%) | ||
Staff costs | 170.5 | 142.9 | 27.6 | 0.49 | 0.44 | 0.05 11.6% | |
Maintenance, material and repairs | 94.4 | 81.8 | 12.6 | 0.27 | 0.25 | 0.02 8.0% | |
Airport, handling & en route | 432.6 | 386.8 | 45.8 | 1.25 | 1.19 | 0.06 4.6% | |
Depreciation & amortization | 269.4 | 246.8 | 22.6 | 0.78 | 0.76 | 0.02 2.1% | |
Distribution & marketing | 39.2 | 34.6 | 4.6 | 0.11 | 0.11 | 0.01 6.0% | |
Other costs / (income) | 5.9 | 121.3 | (115.4) | 0.02 | 0.37 | (0.36) nm | |
Total operating expenses | 1,502.2 | 1,502.2 | (0.1) | 4.33 | 4.63 | (0.30) (6.4%) | |
Net financial charge | 44.8 | 41.6 | 3.2 | 0.13 | 0.13 | 0.00 0.8% | |
Ex-fuel CASK | 3.05 | 3.26 | (0.21) (6.4%) | ||||
Fuel CASK | 1.41 | 1.51 | (0.09) (6.0%) | ||||
Total CASK | 4.46 | 4.76 | (0.30) (6.3%) | ||||
Note: H1 numbers are audited. Q2 numbers are internally generated.
Positive cashflow
Positive H1 FCFof €349m drives deleveraging, improving leverage ratio to 3.6x, underpinning further debt ratio
improvements
F26 H1 EBIT to FCF bridge
+657
Summary
+349
-496
+189
-296
+542
+540
-181
+52
End September gross cash position of
€1.98bn
Positive free cash flow helped by deferred PDPs (pre-delivery payments) resulting from orderbook amendment and continued unlock of past PDPs from SLB agreements
Latest Airbus agreement will underpin these
positive flows
Reset of orderbook reinforces the ability to reduce net debt levels
12 months Net debt/EBITDAR ratio at 3.6x
EBIT D&A
Unflown revenue liability
Trade receivables
/ Payables
Other operating cash flow
Operating cash flow
Net CAPEX
Lease repayments
FCF
end September
Target of 2x net debt/EBITDAR remains
Balance sheet - key data
H1 F26
F25
YoY (€m)
Gross cash (€)
2.0bn
1.7bn
249m
Net debt (€)
4.8bn
5.0bn
124m
Net debt/12mth EBITDAR
3.6x
4.0x
12month liquidity ratio
35.8%
34.1%
1.7pp
ETS repo facility rolled over in November from
€279m to €325m
Amended Airbus contract to underpin sustainable growthStrategic upsizing to all-NEO fleet drives 11.7% seat 4yr CAGR, outpacing 6.9% aircraft growth
315
213
6
37
20
11
280
182
11
11
6 0
334
+6.9%
14
2
231
40
6
273
2
29
6
299
2
256
41
271
12
240
147
0
8
11
6 0
6
Summary
A major fleet reset with 334 aircraft now scheduled at the end of F30 vs. 425 aircraft under the prior plan (January 2025)
The 91 aircraft reduction mainly reflects 88 deferred deliveries from Airbus, with 4 this year and a further 84 in the next four years F27-F30
In addition, 3 A321neo aircraft deliveries sold outright to an aircraft lessor this year
Deliveries
F25A
A320 CEO
F26F
A321 CEO
F27F
A320 NEO
F28F
F29F
38
42
32
35
27
A321 NEO
F30F
A321 XLR
3
8
0 0 0
New deal equates to a 4yr CAGR of 6.9% in the number of aircraft and 11.7% in seats, assuming the return of the grounded planes
Strongest benefits of slowdown in capacity growth seen post F27
The fleet will be all-NEO in calendar 2029
Redeliveries
F26 F27 F28 F29 F30
F26 F27 F28 F29 F30
1
F26 F27 F28 F29 F30
F26 F27 F28 F29 F30
3 1 2
F26 F27 F28 F29 F30
Old order for 47 XLRs now stands at 11
17
11
8 10
15 14
Strategic initiatives progressing well following decisive action
Building a simpler, stronger and more resilient airline
Unpark aircraftTarget* all grounded aircraft to be flying by the end of calendar 2027
06 01 Abu Dhabi closureAll aircraft being redesignated for EU
operations
Optimize fleet technologyWIZZ will be flying an all-NEO fleet in calendar 2029
On track to deliver strategic reset
Airbus order book resetF30 fleet number reduced by 91 aircraft to now stand at 334
0502
0403
Network improvementsHigher cost bases closed - focus on CEE markets with new base openings and densification of operations
Exit XLR program47 XLR order book now reduced
to 11 aircraft
* Subject to Pratt & Whitney repair shop performance
F26 Full year outlook
Absorbing short-term H2 challenges to pave the way for future years of profitability
Capacity (ASKs) Load Factor RASK CASKF26 H2
Up ~+10% in ASK capacity; mid-teens
percent increase in seat capacity
Up low single digit percentage points, YoY
Low single digits down, reflecting capacity growth immaturity, not demand
Total CASK up low single digits
Ex-fuel unit costs: high single digits percent increase, driven primarily by Q4, reflecting the absence of non-recurring benefits that were present in the prior year*
Fuel CASK: down mid to high single digits
F26 full year
F26 +10% ASK capacity; low teens percent
increase in seat capacity
Up 1 percentage point, YoY
Low single digits down
Total CASK broadly flat YoY
Ex-fuel unit costs mid-single-digits higher
- consistent with already communicated expectations
Fuel CASK: down high single digits
*The YoY increase is driven by comparisons to Q4 F25, which benefited from:
A one-off maintenance accrual reversal; and
Non-recurring favorable items in "Other Expenses"
Hedge program positions
As of 22 October 2025
82%
FUEL FX EURUSD EU/UK ETS*
100%
47%
88%
% of US$ leases covered **
85%
50%
F26 F27
Weighted average ceiling | $762 / mt | $718 / mt |
Weighted average floor | $691 / mt | $652 / mt |
*Inclusive of free allowances
** portion of net USD exposure (USD lease liabilities/(USD cash & cash deposits + hedges)
F26 F27
$1.15 | $1.18 |
$1.10 | $1.13 |
F26
F26
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Wizz Air Holdings plc published this content on November 13, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 13, 2025 at 07:10 UTC.
