REG - Wizz Air Holdings - Commercial support agreement with Pratt & Whitney

Wizz Air HoldingsAnnouncement

31/12/2024 07:15

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RNS Number : 7291R  Wizz Air Holdings PLC  31 December 2024

 

WIZZ AIR SECURES COMMERCIAL AGREEMENT WITH PRATT & WHITNEY THROUGH TO 31
DECEMBER 2026, ENSURING CONTINUED SUPPORT FOR AIRCRAFT GROUNDED OWING TO
POWDER METAL ISSUES

Ticker:  WIZZ

Geneva, 31 December 2024: Wizz Air Holdings Plc ("Wizz Air" or "the Company")
today announces that it has entered into a commercial support agreement with
Pratt & Whitney in relation to the continued grounding of aircraft owing
to powder metal issues in the PW1100G-JM geared turbofan ("GTF") engines. The
Company is projecting a continued grounding of around 40 Airbus A320NEO family
aircraft through F26 due to inspections required on its GTF fleet. The
commercial support from Pratt & Whitney, which extends through the end of
calendar year 2026, includes both operational support and a compensation
package covering the Company's direct costs associated with the aircraft that
have been grounded or are expected to be grounded and is on terms consistent
with levels of support currently being received by the Company.

The Company continues to take proactive action to mitigate the financial and
operational impact of the grounded aircraft and will continue to work with
Pratt & Whitney to ensure that aircraft are returned to operation as soon
as possible.  During F26, the Company expects to return to growth by taking
50 new Airbus A321NEO deliveries and grow seat capacity by about 20%. These
additional latest technology aircraft will take the type's share of the WIZZ
fleet to 77%, as the Company continues its retirement of A320CEO family
aircraft, further bolstering its fuel-efficient operations and its
market-leading sustainability credentials.

-  Ends -

 

ABOUT WIZZ AIR

Wizz Air, one of the most sustainable European airlines, operates a fleet of
over 220 Airbus A320 and A321 aircraft. A team of dedicated aviation
professionals delivers superior service and very low fares, making Wizz Air
the preferred choice of 62 million passengers in the financial year ended 31
March 2024. Wizz Air is listed on the London Stock Exchange under the ticker
WIZZ. The company was recently named the World's Top 5 Safest Low-Cost
Airlines 2024 by airlineratings.com, the world's only safety and product
rating agency, and named Airline of the Year by Air Transport Awards in 2019
and in 2023. Wizz Air has also been recognised as the "Most Sustainable
Low-Cost Airline" within the World Finance Sustainability Awards in 2021-2024,
the "Global Environmental Sustainability Airline Group of the Year" in
2022-2023 and the "EMEA Environmental Sustainability Airline Group of the
Year" in 2024 by the CAPA-Centre for Aviation Awards for Excellence.

 For more information:
 Investors:  Mark Simpson, Wizz Air                                      +36 1 777 9407
             Dorottya Durucsko, Wizz Air

 Media:      Andras Rado, Wizz Air                                       communications@wizzair.com

             James McFarlane / Eleni Menikou/ Charles Hirst, MHP Group   +44 7584 142 665

 

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