Q1 F26 Results

Geneva, 24 July 2025: Wizz Air Holdings Plc ("Wizz Air", "the Company" or "the Group"), one of the most sustainable European airlines, today issues unaudited results for the three months to 30 June 2025 ("first quarter", "Q1" or "Q1 F26").

1 Aircraft at end of period includes 3 aircraft in Ukraine, but excludes wet-leased aircraft.

3 Comparative figure is total cash balance as at 31 March 2025. Total cash is a non-statutory financial performance measure and comprises cash and cash equivalents (30 June 2025: €1,097.6 million; 31 March 2025: €597.5 million), short-term cash deposits (30 June 2025: €807.7 million; 31 March 2025: 1,060.2) and total current and non-current restricted cash (30 June 2025: €59.5 million; 31 March 2025: €78.3 million).

4 Comparative figure is net debt balance as at 31 March 2025.

HIGHLIGHTS

▶ ASK capacity 11.0 per cent higher in Q1 F26 vs last year.

▶ Carried 17.0 million passengers in Q1 F26 (vs 15.3 million in Q1 F24), with a load factor of 91.1 per cent.

▶ Total unit revenue (RASK) increased by 2.1 per cent to €4.41 cents with ticket RASK up by 2.5 per cent to €2.47 cents and ancillary RASK up by 1.6 per cent to €1.94 cents yoy.

▶ EBITDA increased by 9.3 per cent to €300.2 million, with margin expansion to 21.0 per cent.

▶ Operating profit down to €27.5 million (vs €44.6 million in Q1 F25), impacted by higher airport, handling and en-route charges as well as depreciation costs and GTF engine-related groundings.

▶ Net profit increased to €38.4 million, impacted by unrealised foreign exchange tailwind yoy.

▶ Total cash balance increased by 13.2 per cent vs end of March 2025, to €1,964.8 million and net debt declined by 5.1% per cent to €4,705.4 million, and leverage ratio falling to 4.1x.

▶ GTF engine inspections: 41 aircraft were grounded at the end of June 2025; this compared to 46 parked as at the end of June 2024.

▶ New agreement signed with Pratt & Whitney to select the PW1100G-JM geared turbofan "(GTF") engine to power Wizz Air's 177 firm Airbus A321neo aircraft on order alongside long-term maintenance service agreement and ongoing support package to mitigate impact of groundings.

▶ Strategic realignment and focus on core markets announced on 14 July 2025 with suspension of Wizz Air Abu Dhabi operations.

József Váradi, Wizz Air Chief Executive Officer commented:

"We approach F26 with a clear vision of our strategy to focus our business on markets that satisfy two important criteria. Firstly, to ensure we are operating in so called environmentally benign operating environments and secondly, in markets where we already have or will have market share. We believe our core Central and Eastern European (CEE) markets satisfy both these criteria. As such, we have developed initiatives that steer network design to focus on these markets.

We announced the suspension of our Middle Eastern operations from September 1, 2025 onwards and are rationalizing our A321XLR program to ensure we have the right fleet for the network design that delivers the strategy. We are simultaneously pursuing all avenues to lift the fleet that is grounded due to engine supply chain issues and retiring early as many A320 CEO family aircraft as is feasible. This will require further modification to our aircraft delivery schedules to reduce our growth rate to levels that support the demand this revised network will require.

We continue to focus on operational performance with our completion rate back to leadership standards and improvement in on-time performance. Our completion rate was 99.15 per cent and our on time performance rate was 76.35 per cent, which was notably up 8.7 ppts from last year.

This is the result of our continuous investment in technology, staff training and infrastructure enhancements. We successfully operate almost 800 routes in over 50 countries between 33 bases across Europe and the Middle East.

The well documented issues relating to Pratt & Whitney's GTF engines led to 41 neo aircraft being grounded at the end of the quarter vs 46 aircraft this quarter last year. However, notwithstanding Wizz Air carried 17.0 million passengers over the three months ending June, up 10.6% year-on-year and these results underline the sustained demand for our services across Europe and our ability to offer the best value to our customers.

On current trading and the outlook, Mr Váradi added:

Our management team has demonstrated a high degree of adaptability in recent years when faced by severe challenges, and this year will likely continue to call on that strength as we refocus our business. We see this encompassing some significant changes to our operations but with active execution and a strong balance sheet to support this, I am excited by the long-term prospects for the company."

Q2 OUTLOOK

The near-term outlook is summarised as follows:

▶ Capacity: Q2 ASKs high single digits YoY

▶ Load factor: Flat (from >2 ppt YoY previously);

▶ Q2 RASK: Flat YoY

▶ Q2 CASK: Fuel CASK: down high-single digits. Ex-fuel unit trends expected to improve vs Q1

GTF ENGINE UPDATE

▶ As of 30 Jun 2025, Wizz Air had 41 aircraft on ground due to GTF engine-related inspections. The average number of grounded aircraft for F26 is estimated to be 35, with this comparing favourably to the 44 average seen in the last fiscal year. (Note: our forecasts remain based on a 300-day engine turnaround time, but future updates should reduce this).

▶ Over and above the tainted metal issue, Wizz Air's operations have been impacted by the poorer than specified performance of the GTF engine, with a significantly lower time on wing (TOW) before an inspection is required. This has compounded the issue of MRO congestion. As such, Wizz Air is carrying over twice the number of spare engines now than it would normally expect and is contractually obliged to carry.

▶ Positive news on this front is that the selection agreement signed with Pratt & Whitney in May will give Wizz Air access to additional engines so as to accelerate the return to air of the grounded fleet, with this expected now in F27.

FLEET UPDATE

▶ During Q1 F25 Wizz Air took delivery of 10 new A321neo aircraft alongside with 1 new A321XLR aircraft and redelivered 6 A320ceo aircraft, ending the period with a total fleet of 236 aircraft: 31x A320ceo, 41x A321ceo, 6x A320neo, 157x A321neo and 1 A321XLR.

▶ The average age of the fleet currently stands at 4.5 years, the youngest fleet among major European airlines, while the average number of seats per aircraft has climbed to 228 as at June 2025.

▶ The share of new "neo" technology aircraft within Wizz Air's fleet has increased to 69.5 per cent.

▶ As at 30 June 2025, Wizz Air's delivery backlog comprises a firm order for 243x A321neo and 46x A321XLR aircraft, a total of 289 aircraft.

FINANCIAL UPDATE

▶ During the quarter Wizz Air continued to apply its jet fuel and foreign currency hedging policy. As of 30 June 2025, Wizz Air has a hedge coverage of 73 per cent for its jet fuel needs for F26 using mostly zero-cost collars and jet fuel swaps at a blended price of 700/773 $/mT. For F27, the coverage is 29 per cent at the price of 661/729 $/mT. The jet fuel-related EUR/USD FX coverage stands at 70 per cent for F26 at 1.09/1.13, while the coverage for F27, stands at 28 per cent at 1.10/1.14 rates.

▶ The Group's credit rating was downgraded by Moody's Investor Services on the 17th June 2025 from Ba2 to Ba1 keeping outlook negative given the slower than expected recovery driven by the high level of groundings from the GTF engine issue. Fitch downgraded Wizz Air's credit rating on 9th July 2025 from BB+ to BB with stable outlook pointing to the weaker operating performance in F25.

▶ The balance of EU emissions trading scheme credits repurchase agreement remains unchanged, at €284.7 million. The inventory must be repurchased from the counterparty by March 2026.

▶ Wizz Air continued to receive OEM compensation from Pratt & Whitney related to the GTF engine issues and it is presented within net other income/(expense) in the consolidated statement of comprehensive income.

ESG UPDATE

▶ Rolling 12-month CO₂ emissions per passenger kilometer declined to 51.7 grams, reflecting a 1.3% year-over-year improvement and marking the lowest level among industry peers.

▶ In April, Wizz Air released Flying Towards Net Zero, its aspirational transition plan focusing on the three pillars of flights, fuel and footprint. This strategy outlines the ambition for decarbonization and calls on stakeholders and regulators to join Wizz Air in ensuring the aviation industry achieves net zero.

▶ Wizz Air was named the world's most emissions-efficient airline by Cirium Flight Emissions Review ranking.

▶ Wizz Air won the title of Most Sustainable Low-Cost Airline for the fifth consecutive year at the World Finance Sustainability Awards 2025.

Q1 FINANCIAL REVIEW

In the first quarter, Wizz Air carried 17.0 million passengers, a 10.6 per cent increase compared to the same period in the previous year and generated revenues of €1,428.2 million, 13.4% higher year-on-year. These rates compare to capacity measured in terms of ASKs being higher by 11.0%, and seats being higher by 10.6%. The load factor increased by 0.1% to 91.1%. The reported net profit for the first quarter was €38.4 million, compared to a net profit of €1.2 million in the same period of F25.

Summary statement of comprehensive income (unaudited)

For the three months ended 30 June

* The Group previously presented net other (income)/expense for F24 of €56.9 million. To enhance the presentation this has been split to show other expenses of €111.8 million and other income of €168.7 million separately on the statement of comprehensive income. There was no impact on net income as a result of this change in presentation.

** n.m.: not meaningful as a variance is more than (-)100 per cent.

Revenue

Passenger ticket revenue increased by 13.9% to €799.1 million and ancillary (or "non-ticket" revenue) increased by 12.8% to €629.1 million year on year, with a 11.0% higher operated capacity in terms of ASKs and a slightly improved load factor (increased by 0.1%), reflecting management action in balancing passenger volumes and yield progression. Total revenue per ASK (RASK) increased by 2.1% to €4.41 cents from €4.32 cents, with ticket RASK up by 2.5 per cent to €2.47 cents and ancillary RASK up by 1.6 per cent to €1.94 cents year-over-year.

Operating expenses

Operating expenses for Q1 F26 increased by 15.3% to €1,400.7 million from €1,214.7 million in Q1 F25 mainly due to the year-on-year capacity and ex-fuel unit cost increase. The total cost per ASK (CASK) increased by 3.8% to €4.46 cents in Q1 F26 from €4.30 Euro cents in Q1 F25, driven by general inflation in staff, maintenance, airport, handling and en-route cost was partly offset by savings on the discontinued wet-leased aircraft operation.

Fix cost, such as Depreciation and Amortisation (and partially Maintenance as well) are reflecting a growing fleet being underutilized due to the parking of NEO aircrafts and redelivery costs associated with exiting CEO aircraft. These cost increases meant to be offset by the Pratt & Whitney compensation, recognised under Net other income/expense.

Staff costs increased by 14.5% to €156.8 million in Q1 F26, up from €137.0 million in Q1 F25, reflecting cost-of-living adjustments to salaries and growing headcount.

Fuel expenses decreased by 4.7% to €438.1 million in Q1 F26, from €459.9 million in the same period of F25 despite the growth in capacity as the average fuel price (including hedge impact) paid by Wizz Air during Q1 F26 decreased by 13.1% compared to the same period of last year.

Distribution and marketing costs increased by 31.3% to €37.2 million in Q1 F26 from €28.3 million in Q1 F25 reflecting increased revenue in the period.

Maintenance, materials and repair costs increased by 17.3% to €110.8 million in Q1 F26 compared to €94.5 million in Q1 F25, mainly due to the inflationary impact on line maintenance services as well as on part purchases, repairs and the related pool contract. F25 Q1 maintenance cost is further burdened with one-off engine repair costs due to foreign object damages not covered fully by our insurance policy.

Airport, handling and en-route charges increased 19.2% to €383.7 million in Q1 F26 versus €321.8 million in the same quarter of the prior fiscal year due to the higher volume and general inflation.

Depreciation and amortisation charges increased by 18.6% in Q1 F26 to €272.7 million, from €230.0 million in Q1 F25. The increase is related to depreciation on the growing fleet combined with a significantly higher number of engine overhaul events carried out and being depreciated, combined with a 1.3% higher aircraft utilisation across the entire fleet (including grounded aircraft), increasing to an average of 10:03 block hours per aircraft for the first quarter.

Other expenses amounted to €99.0 million in Q1 F26, compared to an expense of €111.8 million in the same period of last fiscal year. Among the key drivers, flight disruption cost, including compensation paid to customers, increased to €33.9 million in Q1 F26 from €25.9 million in Q1 F25, lease expenses decreased to €11.0 million in Q1 F26 from €39.3 million in Q1 F25 due to discontinued wet lease operation, overhead-related expenses increased to €29.7 million in Q1 F26 from €23.7 million in Q1 F25 and crew related expenses increased to €20.4 million in Q1 F26 from €14.8 million in Q1 F25.

Other income amounted to €97.6 million in Q1 F26, compared to an income of €168.7 million in the same period of last fiscal year which included gains on sale and leaseback transactions and credits and compensation received from suppliers.

Financial income amounted to €17.7 million in Q1 F26, compared to €21.9 million in Q1 F25, driven by a significantly lower interest rate realised on our otherwise higher in amount cash deposits in the period of Q1 F26.

Financial expenses amounted to €61.8 million in Q1 F26 compared to €60.8 million in Q1 F25, driven by the growing fleet size, the higher interest rate environment and the PDP financing.

Net foreign exchange gain was €154.5 million in Q1 F26, compared to a loss of €10.1 million in Q1 F25. This change is driven by the Euro significantly strengthening against the US Dollar during Q1 F26, in contrast to the previous year when the Euro weakened against the Dollar.

Income tax was a €9.6 million (Q1 F25: a credit of €5.7 million). The impact on the P&L is primarily driven by changes in deferred taxes.

Net profit for the three months ended on 30 June 2025 was €38.4 million compared to a profit of €1.2 million in the same period of the last year.

OTHER INFORMATION

Cash

Total cash and cash equivalents (including restricted cash and cash deposits with more than 3 months maturity) at the end of the first quarter was €1,964.8 million, of which €1,905.3 million is free cash. This represents an increase of 13.2 per cent vs the past quarter.

Hedging position

Wizz Air operates under a clear set of treasury policies approved by the Board and supervised by the Audit and Risk Committee. The hedges under the Hedging Policy will be rolled forward quarterly, 18 months out, with coverage levels over time reaching indicatively between 65 to 85 per cent for the first quarter of the hedging horizon and 15 to 35 per cent for the last quarter of the hedging horizon. Hedging instruments are zero cost collars mostly but also Jet Fuel swaps are used for shorter dated exposures. In line with the Hedging Policy, Wizz Air also hedges its fuel consumption-related US Dollar exposure in a similar fashion. Hedge coverages as of 30 June 2025 are set out below:

Fuel hedge coverage

* As per rolling 18-months policy 9 months are covered in F26.

Foreign exchange hedge coverage

* As per rolling 18-months policy 9 months are covered in F26.

Sensitivities

Pre-hedging, a $10 (per metric ton) movement in the price of jet fuel impacts the F26 (9months) fuel costs by $16.1 million.

One cent movement in the EUR/USD exchange rate impacts the F26 (9months) operating expenses by €15.2 million.

Balance sheet risk mitigation

Wizz Air is using USD cash and standard EUR USD cross currency swaps to mitigate the profit & loss impact coming from balance sheet revaluation of USD liabilities. As of 30 June 2025 we had c. $3.8bn USD lease liability, c. $3.4bn across USD cash and cross currency swaps, therefore uncovered portion was c.$0.4bn

Fully diluted share capital

The figure of 127,733,907 should be used for the Company's theoretical fully diluted number of shares as at 30 June 2025. This figure comprises 103,398,253 issued ordinary shares and 24,246,715 new ordinary shares which would have been issued if the full principal of outstanding convertible notes had been fully converted on 30 June 2025 (excluding any ordinary shares that would be issued in respect of accrued but unpaid interest on that date) and 88,939 new ordinary shares which may be issued upon exercise of vested but unexercised employee share options.

Ownership and Control

To protect the EU airline operating license of Wizz Air Hungary Ltd and Wizz Air Malta Ltd (subsidiaries of the Company), the Board has resolved to continue to apply a disenfranchisement of Ordinary Shares held by non-EEA Shareholders in the capital of the Company. This will continue to be done on the basis of a "Permitted Maximum" of 45 per cent pursuant to the Company's articles of association ("the Permitted Maximum"). In preparation for the 2025 Annual General Meeting (AGM), to be held on the 23 July 2025 the Company sent a Restricted Share Notice to Non-Qualifying registered Shareholders, informing them of the number of Ordinary Shares that will be treated as Restricted Shares.

Key statistics

For the three months ended 30 June

* Aircraft at end of period in Q1 F25 includes 38 grounded aircraft due to GTF engine inspections and 3 aircraft in Ukraine.

** Operating aircraft figures in Q1 F25 exclude 38 grounded aircraft due to GTF engine inspections and 3 aircraft in Ukraine.

Cost per available seat kilometers (CASK)

For the three months ended 30 June

ADDITIONAL INFORMATION

Alternative performance measures (APMs)

Calculation: operating profit/(loss)+depreciation and amortisation.

Calculation: EBITDA/total revenue (€ million)*100.

Leverage ratio: the leverage ratio is computed by dividing net debt by the last twelve months' EBITDA. Rationale - It serves as a crucial key financial indicator for the Group, facilitating an assessment of the organisation's financial leverage and debt management.

Calculation: please see the table below.

Liquidity: represents cash, cash equivalents and short-term cash deposits, expressed as a percentage of the last twelve months' revenue. Rationale - This key financial indicator offers a comprehensive view of the Group's cash position and financial stability.

Calculation: please see the table below.

Calculation: please see the table below.

Glossary of terms

Aircraft utilisation/utilisation: the number of hours that one aircraft is in operation on one day. Rationale - Key performance indicator in aviation business, measurement for one-day aircraft productivity.

Calculation: ancillary revenue/PAX.

Calculation: seats on aircraft*stage length.

Calculation: average stage length of the revenue sectors in the given period (ASKs/capacity).

Calculation: total operating expenses+financial income+financial expenses/total of ASKs (km)*100.

Calculation: number of operated flights/number of scheduled flights.

Calculation: total ex-fuel cost (EUR)/total of ASKs (km)*100.

Calculation: total fuel cost (EUR)/total of ASKs (km)*100.

Gauge: the average seat capacity per aircraft.

Calculation: the number of seats sold, divided by the number of seats available.

Calculation: total revenue/PAX.

Calculation: sum of number of passengers of all revenue sectors.

Calculation: sum of aircraft at the end of the given period.

Calculation: sum of operating aircraft at the end of the given period.

Calculation: total revenue (EUR)/total of ASKs (km)*100.

Calculation: sum of departures of all sectors.

Calculation: number of passengers*stage length.

Calculation: sum of capacity of all revenue sectors.

Stage length: the length of the flight from take-off to landing in a single leg.

Calculation: sum of kilometres flown during a flight.

Calculation: passenger ticket revenue/PAX.

Calculation: sum of block hours of all sectors (in the given period).

Calculation: sum of flight hours of all sectors (in the given period).

Calculation: the total revenue/RPK.