REG - Wizz Air Holdings - Half Year Results
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RNS Number : 3244H Wizz Air Holdings PLC 13 November 2025
WIZZ AIR HOLDINGS PLC - UNAUDITED RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER
2025
POSITIVE COST TRENDS SEEN IN H1
WITH WINTER CAPACITY A SHORT-TERM CHALLENGE
LSE: WIZZ
Geneva, 13 November 2025: Wizz Air Holdings Plc ("Wizz Air", "the Company"
or "the Group"), Europe's most emissions-efficient airline(1), today issues
unaudited results for the six months to 30 September 2025 ("first half",
"H1" or "H1 F26").
This Interim Financial Report does not include all the notes of the type
normally included in an annual financial report. Accordingly, this report
should be read in conjunction with the 2025 Annual Report and Accounts, and
any public announcements made by Wizz Air Holdings Plc during the interim
reporting period.
FINANCIAL RESULTS (unaudited)
Six months to 30 September 2025 2024 Change
Period-end fleet size (1) 243 224 8.5%
ASKs (million km) 67,062 61,608 8.9%
Load factor (%) 92.4 92.4 (0.1) ppt
Passengers carried (million) 36.5 33.3 9.8%
Total revenue (€ million) 3,342.1 3,066.1 9.0%
EBITDA (€ million) (2) 981.3 826.0 18.8%
EBITDA margin (%) (2) 29.4 26.9 2.4 ppt
Operating profit for the period (€ million) 439.2 349.2 25.8%
Net profit for the period (€ million) 323.5 315.2 2.6%
RASK (€ cent) 4.98 4.98 0.1%
Total CASK (€ cent) 4.46 4.54 (1.8)%
Fuel CASK (€ cent) 1.38 1.54 (10.4)%
Ex-fuel CASK (€ cent) 3.08 3.00 2.7%
Total cash (€ million) (2,3) 1,984.8 1,736.0 14.3%
Net debt (€ million) (2,4) 4,832.8 4,956.3 (2.5)%
(1 )Aircraft at end of period includes 3 aircraft in Ukraine, but
excludes wet-leased aircraft.
(2 )For further definition of measures presented refer to "Alternative
performance measures (APMs)" section of this document. In addition to marked
APMs, other measures presented above incorporate certain non-financial
information that management believes is useful when assessing the performance
of the Group. For further details refer to "Glossary of terms" section of this
document.
(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 September 2025: €983.4 million; 31 March 2025:
€597.5 million), short-term cash deposits (30 September 2025:
€915.5 million; 31 March 2025: €1,060.2 million) and total current and
non-current restricted cash (30 September 2025: €85.9 million; 31 March
2025: €78.3 million).
(4) Comparative figure is net debt balance as at 31 March 2025.
HIGHLIGHTS
▶ASK capacity was 8.9 per cent higher in H1 F26 vs last year, with Q2
slightly lower than planned due to cancelled flights to Tel Aviv and the
discontinuation of Abu Dhabi-based flights from September.
▶Passengers carried increased to 36.5 million in
H1 F26 (vs 33.3 million in H1 F25), with a load factor of 92.4 per
cent.
▶Total unit revenue (RASK) was up 0.1 per cent to €4.98 cents, while
ticket RASK increased 0.1 per cent to €2.87 cents, and ancillary
RASK increased 0.1 per cent to €2.11 cents. Q1 RASK was 4.41 cents
while Q2 increased to 5.52 cents (+25.3 per cent QoQ).
▶Ex-fuel CASK increased by 2.7 per cent to €3.08 cents. In Q1 it
was up 14.2 per cent year-on-year, while in Q2 it reduced to €3.05 cents
(-6.3 per cent YoY).
▶EBITDA increased to €981.3 million in H1 F26 (vs €826.0 million in
H1 F25), reflecting stable revenue, lower fuel and flight disruption
charges and the absence of one-off wet lease costs that impacted H1 F25.
▶Departure punctuality improved by 11.1 percentage points moving from 58.2
per cent to 69.3 per cent.
(1) According to Cirium, an independent aviation analytics company,
which benchmarks global airline emissions intensity data and positions Wizz
Air as the airline with the lowest CO2 per RPK compared to other global
airlines.
▶Operating profit increased by 25.8 per cent to €439.2 million, due to
improved EBITDA.
▶Net profit was €323.5 million, up 2.6 per cent year-over-year, with a
net margin of 9.7 per cent. Q1 net profit was €38.4 million with a net
margin of 2.7 per cent, while Q2 net profit was €285.1 million with
margin at 14.9 per cent.
▶Total cash increased by 14.3 per cent versus 31 March 2025 to
€1,984.8 million, and net debt decreased by 2.5 per cent to
€4,832.8 million.
▶Wizz Air finalised the amendment of its aircraft purchase agreement with
Airbus, which enables a mid-term annual 10 - 12 per cent seat growth and
converts 36 of its A321XLR aircraft variant order commitment to A321neo.
▶GTF engine inspections: 35 aircraft on ground as of 30 September
2025 down from 41 at the end of June 2025.
József Váradi, Wizz Air Chief Executive, commented on business developments
in the period:
"Our first half financial results reflect the increased capacity year-on-year
deployed over the summer season. During the period both operational and
commercial improvements were made, with further actions planned in the months
ahead.
We made a number of significant business decisions supporting our longer-term
strategic objectives. Notably, closing our Abu Dhabi base on the first of
September, and initiating the closure of our Vienna base, which will be
completed by March 2026. These actions reflect our pivot away from high cost
locations to the opening of new bases at lower cost airports, including at
Bratislava, Tuzla, Podgorica, Yerevan and Warsaw (Modlin), which will deliver
operational cost savings going forward.''
On current trading and the outlook, Mr Váradi said:
"Most importantly, since the period closed, we have completed our objective of
optimizing our aircraft delivery stream in order to target medium-term
capacity growth at a more sustainable 10-12 per cent per annum. This
encompasses the deferment of 88 Airbus deliveries from this decade to the
next, while we have also sold 3 A321neos this year. Our order book, which now
extends to 2033, remains a strategic asset, differentiating Wizz Air by
securing stable and competitively-priced capacity growth for years to come.
We will see the most significant changes to our delivery profile in around 12
months time (given near-term orders and financing commitments). As such, we
are actively managing this winter season's capacity to deliver circa mid-teens
H2 seat capacity growth YoY. In terms of pricing, looking at the current
ninety-day booking curve, we are seeing unit revenue (RASK)
approximately down low single digits percentage-wise year on year while
the load factor, conversely, is up by a similar level in terms of a percentage
points gain.
For the next fiscal year, we expect GTF engine-related aircraft groundings to
reduce to a range of 25-30 aircraft."
NEAR-TERM AND FULL-YEAR OUTLOOK
▶Capacity (ASKs): F26 H2 up around 10 per cent YoY (mid teens percent
increase in terms of seat capacity); F26 full year up +10% YoY (up low teens
percent increase in terms of seat capacity);
▶Load factor: F26 H2 up low single digit percentage points YoY; F26 up
around 1 per cent YoY;
▶Revenue: Both F26 H2 and F26 full year RASK down low single digits percent
YoY;
▶Costs: F26 H2 Total CASK up low single digits YoY; F26 full year broadly
flat YoY;
▶Ex-fuel CASK: F26 H2 high single digit percent increase YoY; F26 full year
mid-single digits higher YoY, in line with previous expectations associated
with the changes made to the business and the timing of certain maintenance
and "Other Expense" cost items YoY;
▶Fuel CASK: F26 H2 down mid to high single digits; F26 full year down high
single digits.
COMMERCIAL AND NETWORK UPDATE
Wizz Air has continued its strategic realignment, with a renewed focus on core
CEE markets, which included the discontinuation of its Abu Dhabi base and
joint venture and the closure of its five aircraft base in Vienna.
Wizz Air has announced several new Central & Eastern Europe base openings.
Warsaw (Modlin), Tuzla, Yerevan and Bratislava will commence operations with
two aircraft each and will contribute to airport and handling cost savings
partially from H2 F26, but more meaningfully from F27.
The core markets continued to be strengthened with the allocation of
additional aircraft to Skopje, Sofia, Katowice, Wroclaw, Krakow, Gdansk,
Tirana and Chisinau.
Wizz Air has entered into partnership with TravelFusion Limited, a travel
content aggregator, enabling it to further expand its offerings to the
corporate travel market.
During the period it rolled out a revised airport fee collection mechanism,
while it continues to expand machine learning technologies in pricing, for
both tickets and ancillaries.
GTF ENGINE UPDATE
As of 30 September 2025, Wizz Air had 35 aircraft grounded due to GTF
engine-related inspections; an improvement over this summer when the grounded
fleet was comprised of 41 aircraft. The average groundings expected through to
the end of F26 are in the range of 30-35 aircraft with this figure reducing
to 25-30 in F27, using a forecast based on 300-day engine turnaround time.
The company continues to invest in stable operations and is expecting a
further 16 spare engines to be delivered in H2, providing a total spare
engine fleet of around 100 engines to support operations for the start of
summer 2026.
FLEET UPDATE
▶Wizz Air has finalised the agreement to reschedule its order book delivery
positions going out to 2033. The agreement also includes the conversion of 36
A321XLRs to A321neos, leaving the Company with a total A321XLR sub-fleet of 11
extended range aircraft from F27. The changes in the schedule start from
January 2026. As part of the agreement, the Company has utilised its deferral
rights within its aircraft purchase agreement.
▶In November 2025, the Company has also taken delivery of and immediately
sold three A321neo aircraft to an aircraft lessor for onwards leasing to a
related airline, further modulating its near term fleet growth in line with
its objectives.
▶In the six months ended 30 September 2025 Wizz Air took delivery of 16x
new A321neo aircraft, 3x new A321neo XLRs and redelivered 7x A320ceo aircraft,
ending the period with a total fleet of 243 aircraft: 30x A320ceo, 41x
A321ceo, 6x A320neo, 163x A321neo and 3x A321neo XLR.
▶The average age of the fleet currently stands at 4.6 years, and remains the
youngest fleet of any major European airline, while the average number of
seats per aircraft has climbed to 229 as at September 2025.
▶The share of new "neo" technology aircraft within Wizz Air's fleet has
increased to 71 per cent.
▶As at 30 September 2025, Wizz Air's delivery backlog comprised a firm
order for 237x A321neo and 44x A321XLR aircraft, a total of 281 aircraft.
Since then, we have agreed a significant adjustment to our delivery schedule,
with 88 Airbus A321s being deferred out of this decade and now extended to
F33. As part of the agreement, the number of XLRs to be delivered has fallen
from an original commitment to take 47 down to 11, with the difference taken
up by conversions to A321neos.
▶The table below shows our fleet plan development according to the revised
delivery schedule:
F26 F27 F28 F29 F30 F31 F32 F33
A320 CEO (180 seats) 20 12 2 2 2 2 2 -
A321 CEO (230 seats) 40 29 14 - - - - -
A320 NEO (186 seats) 6 6 6 6 6 6 6 -
A321 NEO (239 seats) 182 213 240 280 315 342 365 368
A321 XLR (239 seats) 8 11 11 11 11 11 11 11
Fleet total 256 271 273 299 334 361 384 379
FINANCIAL UPDATE
▶The Company enjoyed profitable summer trading and recorded strong cash
position of €1,984.8 million on 30 September 2025, a 14.3% per cent
increase vs 31 March 2025. Wizz Air anticipates it will repay from its own
cash its €500 million bond that matures in January 2026, though it will
maintain its EMTN programme to support future capital expenditure
requirements, similar to its practices over the last three years.
▶As of 22 October 2025, using jet fuel zero-cost collars, Wizz Air has
accumulated hedge coverage of 82 per cent of its jet fuel needs for F26 at
a price of 691/762 $/mT. For F27 the coverage is 50 per cent at a price
of 652/718 $/mT. The jet fuel-related EUR/USD FX coverage stands at 88 per
cent for F26 at 1.10/1.15, while the coverage for F27 stands at 47 per
cent at 1.13/1.18 rates.
▶The Group's credit rating was downgraded by Moody's Investor Services on 17
June 2025 from Ba2 to Ba1 keeping outlook negative. Fitch downgraded Wizz
Air's credit rating on 9th July 2025 from BB+ to BB with stable outlook.
▶The balance of the EU emissions trading scheme credits repurchase
agreement as at end of September 2025 was €278.6 million (vs €271.9
million at the end of F25). This repurchase agreement was rolled over in
November 2025 with a new balance of €325.3 million, further enhancing the
Company's liquidity levels. The inventory must be repurchased from the
counterparty by September 2027.
▶Wizz Air continued to receive OEM compensation from Pratt & Whitney
related to the GTF engine issues.
ESG UPDATE
▶As of 30 September 2025, the 12 months rolling CO(2) emissions per
passenger kilometre was at 51.2g (vs 52.6g in the preceding 12 months), the
lowest among peers in the industry.
▶During H1 F26 Wizz Air introduced a voluntary pension program to help
employees save for retirement.
▶It also paid out an all-employee bonus equivalent to 13th month salary
based on a set goal in the year before.
▶LinkedIn learning access has been expanded to crew members.
▶Wizz Air launched the third term of its Sustainability Ambassador
Programme, after successfully concluding the second term during the summer.
▶Wizz Air continued to be recognized for its leading efficiency and was
awarded Most Sustainable Low-Cost Airline for the fifth consecutive year at
the World Finance Sustainability Awards 2025.
▶As of 15 October 2025 the share of Wizz Air issued share capital held by
Qualifying Nationals (i.e. European Economic Area nationals), was 31 per cent,
which, based on the disenfranchisement policy that Wizz Air Board last
applied during July '25 AGM, would entitle them to 55 per cent of total voting
rights, leaving Non-Qualifying Nationals with the remaining 45 per cent of
total voting rights.
- Ends -
ABOUT WIZZ AIR
Wizz Air operates a fleet of 249 Airbus A320 and A321 aircraft as of 12
November 2025. A team of dedicated aviation professionals delivers superior
service and very low fares, making Wizz Air the preferred choice of 63.4
million passengers in F25. Wizz Air is listed on the London Stock Exchange
under the ticker WIZZ. The company was named one of the world's top ten safest
airlines 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 recognized as the "Most Sustainable Low-Cost
Airline" between 2021-2025 by World Finance Sustainability Awards. Wizz Air
also received "EMEA's Environmental Sustainability Airline Group of the Year"
by Centre for Aviation Awards (CAPA) for Excellence 2024. Most recently, it
was awarded Sustainable Airline of the Year 2025 at the Airline Economics
Sustainability Awards Gala in September 2025.
For more information:
Investors: Mark Simpson, Wizz Air investor.relations@wizzair.com
Zlatko Custovic, Wizz Air
Media: Andras Rado, Wizz Air communications@wizzair.com
James McFarlane / Eleni Menikou / Charles Hirst, MHP Group +44 (0) 20 3128 8100
wizz@mhpgroup.com
Certain information provided in this Press Release pertains to forward-looking
statements and is subject to significant risks and uncertainties that may
cause actual results to differ materially. It is not feasible to enumerate all
the factors and specific events that could impact the outlook and performance
of an airline group operating across Europe, the Middle East, and beyond, as
Wizz Air does. Some of the factors that are susceptible to change and could
notably influence Wizz Air's anticipated results include demand for aviation
transport services, fuel costs, competition from both new and established
carriers, availability of Pratt & Whitney GTF engines, turnaround times at
Engine Shops, expenses related to environmental, safety, and security
measures, the availability of suitable insurance coverage, actions taken by
governments and regulatory agencies, disruptions caused by weather conditions,
air traffic control strikes, revenue performance and staffing issues, delivery
delays of contracted aircraft, fluctuations in exchange and interest rates,
airport access and fees, labour relations, the economic climate within the
industry, passengers' inclination to travel, social, and political factors,
including global pandemics, and unforeseen security incidents.
H1 FINANCIAL REVIEW
In the first half of the financial year, Wizz Air carried 36.5 million
passengers, a 9.8 per cent increase compared to the same period in the
previous year, and generated revenues of €3,342.1 million, 9.0 per
cent higher than the first half of F25. This is inline with capacity
being 8.9 per cent higher measured in terms of ASKs and 9.9 per
cent higher in terms of seats. The load factor decreased by 0.1 per cent
to 92.4 per cent.
Operating profit in the first half was €439.2 million, a 25.8 per
cent increase compared to the same period of F25. The net profit for
the first half was €323.5 million, an improvement compared to a
net profit of €315.2 million in the same period of F25.
Summary condensed consolidated interim statement of comprehensive income
(unaudited)
Six months ended 30 September Three months ended 30 September
2025 2024 Change 2025 2024 Change
Passenger ticket revenue(1) 1,926.6 1,767.5 9.0% 1,127.5 1,065.7 5.8%
Ancillary revenue(1) 1,415.5 1,298.6 9.0% 786.4 741.1 6.1%
Total revenue 3,342.1 3,066.1 9.0% 1,913.9 1,806.8 5.9%
Staff costs (327.3) (279.9) 16.9% (170.5) (142.9) 19.3%
Fuel costs (928.3) (948.0) (2.1)% (490.2) (488.1) 0.4%
Distribution and marketing (76.4) (62.9) 21.5% (39.2) (34.6) 13.3%
Maintenance, materials and repairs (205.2) (176.3) 16.4% (94.4) (81.8) 15.4%
Airport, handling and en-route charges (816.3) (708.6) 15.2% (432.6) (386.8) 11.8%
Depreciation and amortisation (542.1) (476.8) 13.7% (269.4) (246.8) 9.2%
Other expenses (215.5) (306.0) (29.6)% (116.5) (194.2) (40.0)%
Other income 208.2 241.6 (13.8)% 110.6 72.9 51.7%
Total operating expenses (2,902.9) (2,716.9) 6.8% (1,502.2) (1,502.2) -%
Operating profit 439.2 349.2 25.8% 411.7 304.7 35.1%
Financial income 38.5 43.8 (12.1)% 20.8 21.9 (5.0)%
Financial expenses (127.4) (124.3) 2.5% (65.6) (63.5) 3.3%
Net losses on derivative financial instruments(2) (75.7) - n.m. 14.2 - n.m.
Net foreign exchange gains 176.0 94.3 86.6% 21.5 104.4 (79.4)%
Net financing income 11.4 13.8 (17.4)% (9.1) 62.8 (114.5)%
Profit before income tax 450.6 363.0 24.1% 402.6 367.5 9.6%
Income tax expense (127.1) (47.8) 165.9% (117.5) (53.5) 119.6%
Net profit for the period 323.5 315.2 2.6% 285.1 314.0 (9.2)%
Net profit for the period attributable to:
Non-controlling interest (3.5) (8.3) (57.7)% (2.7) (3.8) (29.5)%
Owners of Wizz Air Holdings Plc 327.0 323.5 1.1% 287.8 317.8 (9.5)%
(1) For further definition of non-financial measures presented refer to
"Alternative performance measures (APMs)" and "Glossary of terms" sections of
this document.
(2) n.m.: not meaningful since comparative figure is nil.
Revenue
Passenger ticket revenue increased by 9.0 per cent to €1,926.6 million
and ancillary revenue (or "non-ticket" revenue) increased by 9.0 per cent to
€1,415.5 million, driven by sustained demand for air travel in H1 F26 and
higher capacity. Total revenue per ASKs (RASK) increased by 0.1 per cent to
€4.98, nominal revenue increased 9.0 per cent, in line with
the 8.9 per cent higher ASK capacity.
Average revenue per passenger (net fare) was €91.6 during H1 F26, a
decrease of 0.7 per cent versus H1 F25. Average ticket revenue per
passenger decreased from €53.2 in H1 F25 to €52.8 in
H1 F26, €0.4 lower than last year, and average ancillary revenue per
passenger decreased from €39.1 in H1 F25 to €38.8 in H1 F26 by
€0.3. The lower average fare follows the decrease in average stage length
from 1,712km in H1 F25 to 1,697km in H1 F26.
Operating expenses
Operating expenses for H1 F26 increased by 6.8 per cent to
€2,902.9 million from €2,716.9 million in H1 F25 driven primarily by
increase in capacity. Other key drivers include higher airport and handling
costs and en-route charges driven by inflationary pressure, increased
crew-related salary costs due to salary adjustments, and higher maintenance
costs. This is partly offset by favorable impact on disruption costs due to
improved on-time operational performance and less cancellations, fuel costs on
the back of the lower fuel prices explained below. The total cost per
ASKs (CASK) (including impact of hedges) decreased by 2.0 per cent to
€4.46 cents in H1 F26 from €4.54 cents in H1 F25. CASK excluding fuel
expenses increased by 2.3 per cent to €3.08 cents in H1 F26 compared
to €3.00 cents in H1 F25.
Staff costs increased by 16.9 per cent to €327.3 million in H1 F26, up
from €279.9 million in H1 F25, reflecting the increase in capacity and the
cost-of-living adjustments to salaries year on year.
Fuel expenses decreased by 2.1 per cent to €928.3 million in H1 F26,
from €948.0 million in the same period of F25 supported by a favorable
price improvement. The average fuel price (including hedge and Into Plane
Premium impact) paid by Wizz Air during H1 F26 decreased by $56 (per
metric tonne) compared to the same period of F25. Due to the increasing
number of NEO aircraft, fleet average fuel efficiency continues to improve,
burning 2.25 metric tons / block hours, versus prior year 2.29 metric tons /
block hours.
Distribution and marketing costs increased by 21.5 per cent to
€76.4 million from €62.9 million in the first half of F25, driven by a
revenue growth combined with higher seat capacity and incremental marketing
campaigns running during the year.
Maintenance, materials and repair costs increased by 16.4 per cent to
€205.2 million in H1 F26 from €176.3 million in H1 F25, due to a
larger fleet, greater number of maintenance events and inflationary impact on
repairs and material related services.
Airport, handling and en-route charges increased to €816.3 million in the
first half of F26 versus €708.6 million in the same period of F25. The
cost increase is mainly due to the higher number of passengers and higher
average departures per day per aircraft as well as inflation on airport
pricing.
Depreciation and amortisation charges were 13.7 per cent higher at
€542.1 million in the first half, up from €476.8 million in the same
period in F25. The increase is related to depreciation on the growing fleet
and to the larger number of maintenance events related to CEO aircraft that
are leaving the fleet.
Other expenses amounted to €215.5 million in H1 F26, compared to
€306.0 million in the same period in F25. Among the key drivers, flight
disruption cost, including compensation paid to
customers, decreased to €86.5 million in H1 F26 from €115.5 million
in H1 F25, wet lease expenses decreased to €18.6 million in
H1 F26 from €94.9 million in H1 F25, overhead-related
expenses increased to €57.6 million in H1 F26 from €48.4 million in
H1 F25 and crew related expenses increased to €41.1 million in
H1 F26 from €31.6 million in H1 F25.
Other income amounted to €208.2 million in H1 F26, compared to
€241.6 million in the same period in F25. It included gains on sale and
leaseback transactions of €56.3 million in H1 F26 compared to
€83.8 million in H1 F25, and credits and compensation received from
suppliers of €148.8 million in H1 F26 compared to €146.3 million in
H1 F25.
Financial income amounted to €38.5 million in the first half compared to
€43.8 million in the same period in F25 due to lower interest rates on
our short-term cash deposits as well as weaker EUR/USD exchange rates in
H1 F26.
Financial expenses amounted to €127.4 million in the first half compared
to €124.3 million in the same period in F25. Financial
expenses predominantly arise from interest charges related to lease
liabilities under IFRS 16 connected to the fleet size increase. However, the
growth of financial expenses is lower than the fleet growth due to the
beneficial USD FX rate.
Net losses on derivative financial instruments resulted in €75.7 million
loss due to strengthening EUR against the US Dollar. There were no cross
currency interest rate swap contracts in H1 F25.
Net foreign exchange gain was €176.0 million (excluding derivative
financial instruments) in the first half compared to a gain of
€94.3 million in the same period in F25, mainly caused by the
strengthening Euro against the US Dollar in H1 F26 (4.9%) in comparison to
H1 F25 over the course of one year. This resulted in higher unrealised foreign
exchange gains on the revaluation of US Dollar denominated lease liabilities.
Taxation
The Group recorded an income tax charge of €127.1 million in the period
compared to an income tax charge of €47.8 million in the same period
in F25. The increase in tax charges is attributable to the increased profit
before tax for the current period, movements in deferred taxes and the
higher effective tax rate. This tax charge consists of a €25.7 million
(the six months ended 30 September 2024: €14.7 million) current tax
charge and a €101.4 million (the six months ended 30 September 2024:
€33.1 million) deferred tax charge.
Second quarter performance
In the three months to 30 September 2025 ("Q2" or "the second quarter"),
Wizz Air carried 19.5 million passengers, including no-shows, reflecting a 9.0
per cent increase compared to the same period in the previous year. Revenues
for the quarter totaled €1,913.9 million, with ASK capacity up by 6.9 per
cent YoY, but with seat capacity up 9.3 per cent due to a decrease in
average stage length of 2.2 per cent. The load factor remained largely stable,
slightly decreasing from 93.7 per cent to 93.5 per cent.
Operating Profit for the second quarter was €411.7 million, compared to
€304.6 million in the same period of F25. The increase in Operating Profit
is mainly due to fuel price decrease and significantly lower lease costs due
to the absence structural wet-leased aircraft in operations. These
improvements were, however, partly offset by inflationary increase in
en-route charges and navigation costs and crew costs. Overall ex-fuel CASK
landed at €3.05 cents, a decrease of 6.3 per cent compared to the same
period in F25.
OTHER INFORMATION
1. Total cash
Total cash (including restricted cash and short-term cash deposits) at the
end of the first half increased by 14.3 per cent to €1,984.8 million
versus 31 March 2025, of which €1,898.9 million is non-restricted cash.
2. 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 hedge
policy will be rolled forward quarterly, 18 months out, with coverage levels
over time reaching indicatively between 65 and 85 per cent for the first
quarter of the hedging horizon and between 15 and 35 per cent for the last
quarter of the hedging horizon. The hedging policy covers jet fuel and jet
fuel-related EUR/USD exposure. Jet fuel and foreign exchange hedge coverages
at 22 October 2025 are as follows:
Fuel hedge coverage
F26 F27
Period covered 6 months 12 months
Exposure in metric tonnes ('000) 971 2,334
Coverage in metric tonnes ('000) 795 1,174
Hedge coverage for the period 82% 50%
Weighted average ceiling $762.0 $718.0
Weighted average floor $691.0 $652.0
Foreign exchange hedge coverage
F26 F27
Period covered 6 months 12 months
Exposure in USD millions 678 1,554
Coverage in USD millions 597 737
Hedge coverage for the period 88% 47%
Weighted average ceiling $1.1501 $1.1800
Weighted average floor $1.1047 $1.1318
Sensitivities
Pre-hedging, a $10 (per metric tonne) movement in the price of jet fuel will
impact the H2 F26 fuel costs by $9.7 million.
Pre-hedging, a one cent movement in the EUR/USD exchange rate impacts the
H2 F26 operating expenses by €9.9 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 September 2025 we had c. $3.9bn USD lease
liability, c. $3.3bn across USD cash and cross currency
swaps, leaving an uncovered portion of c.$0.6bn
3. Fully diluted share capital
The figure of 127,763,755 should be used for the Company's theoretical fully
diluted number of shares as at 30 September 2025. This figure comprises
103,416,054 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 September 2025 (excluding any ordinary shares
that would be issued in respect of accrued but unpaid interest on that date)
and 100,986 new ordinary shares which may be issued upon exercise of vested
but unexercised employee share options.
4. 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), on 24 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:
▶a "Qualifying National" includes: (i) EEA nationals, (ii) nationals of
Switzerland and (iii) in respect of any undertaking, an undertaking which
satisfies the conditions as to nationality of ownership and control of
undertakings granted an operating licence contained in Article 4(f) of
Regulation (EC) No. 1008/2008 of the European Commission, as such conditions
may be amended, varied, supplemented or replaced from time to time, or as
provided for in any agreement between the EU and any third country (whether or
not such undertaking is itself granted an operating licence); and
▶a "Non-Qualifying National" includes any person who is not a Qualifying
National in accordance with the definition above.
5. Key statistics
For the six months ended 30 September
2025 2024 Change
Capacity
Number of aircraft at end of period* 243 224 8.5%
Number of operating aircraft at end of period** 205 188 9.0%
Equivalent aircraft 236.5 216.5 9.3%
Equivalent operating aircraft** 193.8 176.6 9.7%
Utilisation (block hours per aircraft per day) 10:09 10:05 0.7%
Utilisation (block hours per operating aircraft per day)** 12:23 12:48 (3.3)%
Total block hours 439,701 414,037 6.2%
Total flight hours 381,331 358,534 6.4%
Revenue departures 174,764 163,762 6.7%
Average departures per day per aircraft 4.04 3.99 1.3%
Average departures per day per operating aircraft** 4.93 5.06 (2.6)%
Seat capacity 39,526,369 35,975,406 9.9%
Average aircraft stage length (km) 1,697 1,712 (0.9)%
Total ASKs ('000 km) 67,062,005 61,607,713 8.9%
Operating data
RPKs ('000 km) 61,754,294 57,188,585 8.0%
Load factor (%) 92.4 92.4 (0.1)%
Number of pessenger segments 36,503,672 33,252,451 9.8%
Fuel price (average $ per tonne, including SAF, hedging impact and into-plane 914.0 970.0 (5.8)%
premium)
Foreign exchange rate (average US$/€, including hedge impact) 1.12 1.09 2.9%
Closing foreign exchange rate, US$/€ 1.18 1.12 4.9%
* Aircraft at end of period includes 3 aircraft in Ukraine, but
excludes wet-leased aircraft. There were no wet-lease aircraft at end of
period H1 F26 and 8 wet-lease aircraft at end of period H1 F25.
** Operating aircraft includes above mentioned wet-lease aircraft, but
excludes grounded aircraft. At end of period H1 F26 there were 35 grounded
aircraft due to GTF engine inspections and 3 grounded aircraft in Ukraine. At
end of period H1 F25 there were 41 grounded aircraft due to GTF engine
inspections and 3 grounded aircraft in Ukraine. Operating utilisation is
calculated based on the Equivalent operating aircraft and Block hours
including wet-lease flights.
6. Cost per available seat kilometers
For the six months ended 30 September
2025 2024
euro cents euro cents Change
Fuel costs 1.38 1.54 (10.4)%
Staff costs 0.49 0.45 8.9%
Distribution and marketing 0.11 0.10 10.0%
Maintenance, materials and repairs 0.31 0.29 6.9%
Airport, handling and en-route charges 1.22 1.15 6.1%
Depreciation and amortisation 0.81 0.77 5.2%
Other expenses 0.32 0.50 (36.0)%
Other income (0.31) (0.39) (20.5)%
Net financial expenses* 0.13 0.13 -%
Total CASK 4.46 4.54 (1.8)%
Total ex-fuel CASK 3.08 3.00 2.7%
* Net financial expenses excluding net loss on derivative financial
instruments and net foreign exchange gains/losses.
The Company has a policy of rounding each amount and percentage individually
from the fully accurate number to the figure disclosed in the condensed
consolidated interim financial statements. As a result, some amounts and
percentages do not total - though such differences are all trivial.
7. Emerging and principal risks and uncertainties
The aviation industry is subject to many risks and Wizz Air's business is no
exception. A number of risks, as described in our 2025 Annual Report and
Accounts, have the potential to adversely affect Wizz Air's expected results
for the remainder of the current financial year. The principal and emerging
risks we identified at the start of the year are still present and are in
focus, especially risks related to conflicts between countries such as
prolonged war between Russia and Ukraine and the ongoing armed conflicts and
ongoing tension in the Middle East, as well as operations and fleet related
issues like the unplanned maintenance of Pratt & Whitney GTF engines. The
overall risk profile of the principal risks remained unchanged, as the
fluctuations in individual risk ratings, considering the remediation actions,
largely balanced each other out. However, fleet development risk has been
expanded to include capacity optimization, reflecting the proactive monitoring
of the Airbus orderbook.
The full list of risks considered is set out below:
▶information technology and cyber risk, including website availability,
protection of our own and our customers' data, and ensuring the availability
of operation-critical systems;
▶external factors, ensuring the Company has the capabilities and resilience
to deal with risks, such as geopolitical risks, inflation, fuel cost, foreign
exchange rates, tariffs, risk of higher cost of doing business, competition,
general economic trends, and the default of a partner financial institution;
▶fleet development, ensuring the Company has the right number of aircraft
available at the right time to take advantage of commercial opportunities and
grow in a disciplined way without any supply chain disruption. On the other
hand, The Airbus orderbook is continuously monitored and discussions are held
with Airbus on an ongoing basis to ensure that capacities are kept at an
optimal level, avoiding excessive overcapacity;
▶operations, including safety events and terrorist incidents as well as
employee and passenger security;
▶network development and scheduling, affirming we are making the best use
of our capacity, driving maximum utilisation and ensuring we have access to
the right airport infrastructure at the right price so that we can keep on
delivering the superior Wizz Air service at low fares across an expanding
network;
▶regulatory risk, making sure that we remain compliant with regulations
affecting our business and operations - including compensating customers - and
we remain agile to react to the changing governmental actions due to a slowing
economic landscape, ownership and control, loss of traffic rights, and
changing policies owing to sustainability (taxation, etc.);
▶human resources risk, ensuring our ability to attract and hire the right
talent in the right numbers to support our growth ambitions, while also
focusing on maintaining high levels of engagement, motivation and the ongoing
development of our employees. Additionally, we are committed to having a
robust succession management strategy in place to ensure continuity and
leadership strength for key positions, fostering career growth and development
opportunities for our employees;
▶social and governance risks, making sure we operate in accordance with our
core values and our value of integrity, respected throughout our business
processes and deals, and providing transparency to all our stakeholders
through responsible reporting and disclosure; and
▶environmental risk, ensuring we are able to answer the growing need of
environmental protection and consciousness, mitigate the emerging transition
and physical risks while working on minimising our environmental impact.
The Directors consider that the principal risks to the Company's business
during the second half of the financial year remain those summarised above
and set out on pages 21 to 28 of our 2025 Annual Report and Accounts,
available at corporate.wizzair.com.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Condensed consolidated interim statement of comprehensive income
For the six months ended 30 September 2025 (unaudited)
Six months ended 30 September 2025 Six months ended 30 September 2024
Note € million € million
Passenger ticket revenue 6, 7 1,926.6 1,767.5
Ancillary revenue 6, 7 1,415.5 1,298.6
Total revenue 6, 7 3,342.1 3,066.1
Staff costs (327.3) (279.9)
Fuel costs (928.3) (948.0)
Distribution and marketing (76.4) (62.9)
Maintenance, materials and repairs (205.2) (176.3)
Airport, handling and en-route charges (816.3) (708.6)
Depreciation and amortisation (542.1) (476.8)
Other expenses (215.5) (306.0)
Other income 208.2 241.6
Total operating expenses (2,902.9) (2,716.9)
Operating profit 439.2 349.2
Financial income 8 38.5 43.8
Net losses on derivative financial instruments 8 (75.7) -
Financial expenses 8 (127.4) (124.3)
Net foreign exchange gains 8 176.0 94.3
Net financing income 8 11.4 13.8
Share of net profit of associates - -
Profit before income tax 450.6 363.0
Income tax expense 9 (127.1) (47.8)
Net profit for the period 323.5 315.2
Net profit for the period attributable to:
Non-controlling interest (3.5) (8.3)
Owners of Wizz Air Holdings Plc 327.0 323.5
Other comprehensive income/(expense) - items that may be subsequently
reclassified to profit or loss:
Change in fair value of cash flow hedging reserve, net of tax (48.1) (60.1)
Cash flow hedging reserve recycled to profit or loss 29.0 4.2
Cost of hedging 6.3 (46.2)
Currency translation differences 15.1 4.4
Share in other comprehensive income from investments - -
Other comprehensive income/(expense) for the period, net of tax 2.3 (97.7)
Total comprehensive income for the period 325.8 217.5
Total comprehensive income for the period attributable to:
Non-controlling interest 0.5 (7.0)
Owners of Wizz Air Holdings Plc 325.3 224.5
Basic earnings per share (€/share) 10 3.16 3.13
Diluted earnings per share (€/share) 10 2.57 2.54
Condensed consolidated interim statement of financial position
As at 30 September 2025 (unaudited)
30 September 2025 31 March 2025 (audited)
Note € million € million
ASSETS
Non-current assets
Property, plant and equipment 11 6,722.4 6,493.0
Intangible assets 103.6 98.9
Restricted cash 32.8 36.3
Deferred tax assets 234.1 334.7
Derivative financial instruments 4 0.8 1.8
Trade and other receivables 13 40.6 45.7
Investments in associates 5.7 5.7
Investments in other entities 3.7 3.7
Total non-current assets 7,143.7 7,019.9
Current assets
Inventories 12 286.0 271.9
Trade and other receivables 13 759.3 630.4
Current tax assets 3.4 3.2
Derivative financial instruments 4 9.2 10.3
Restricted cash 53.1 42.0
Short-term cash deposits 915.5 1,060.2
Cash and cash equivalents 983.4 597.5
Total current assets 3,009.9 2,615.5
Total assets 10,153.6 9,635.4
Condensed consolidated interim statement of financial position (continued)
As at 30 September 2025 (unaudited)
30 September 2025 31 March 2025 (audited)
Note € million € million
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Share capital - -
Share premium 381.2 381.2
Reorganisation reserve (193.0) (193.0)
Equity part of convertible debt 8.3 8.3
Cash flow hedging reserve (27.1) (8.0)
Cost of hedging reserve (7.5) (13.8)
Cumulative translation adjustments 14.4 3.3
Retained earnings 523.7 188.6
Capital and reserves attributable to the owners of Wizz Air Holdings Plc 700.0 366.6
Non-controlling interest (6.4) (49.5)
Total equity 693.6 317.1
Non-current liabilities
Borrowings 16 5,139.3 5,070.6
Convertible debt 25.2 25.2
Deferred income 17 180.7 166.5
Derivative financial instruments 4 84.9 13.4
Trade and other payables 14 29.2 69.5
Provisions for other liabilities and charges 15 252.4 201.2
Total non-current liabilities 5,711.7 5,546.3
Current liabilities
Trade and other payables 14 1,187.4 1,038.8
Current tax liabilities 16.3 18.6
Borrowings 16 1,566.9 1,517.9
Convertible debt 0.3 0.3
Derivative financial instruments 4 48.2 29.2
Deferred income 17 767.2 1,013.3
Provisions for other liabilities and charges 15 162.0 153.9
Total current liabilities 3,748.3 3,772.0
Total liabilities 9,460.0 9,318.3
Total equity and liabilities 10,153.6 9,635.4
The Notes on pages 20 to 40 are an integral part of these financial
statements.
The condensed consolidated interim financial statements on
pages 13 to 40 were approved by the Board of Directors and authorised for
issue on 13 November 2025, and were signed on behalf of the Board by:
József Váradi
Chief Executive Officer
Condensed consolidated interim statement of changes in equity
For the six months ended 30 September 2025 (unaudited)
Share capital Share Reorganisation Equity Cash flow hedging reserve Cost of hedging reserve Cumulative translation adjustments Retained earnings € million Total Non-controlling interest Total
€ million premium reserve part of convertible debt € million € million € million € million € million equity
€ million € million € million € million
Balance at 1 April 2025 - 381.2 (193.0) 8.3 (8.0) (13.8) 3.3 188.6 366.6 (49.5) 317.1
Comprehensive income
Profit/(loss) for the period - - - - - - - 327.0 327.0 (3.5) 323.5
Other comprehensive income/(expense) - - - - (19.1) 6.3 11.1 - (1.7) 4.0 2.3
Total comprehensive income/(expense) - - - - (19.1) 6.3 11.1 327.0 325.3 0.5 325.8
Transactions with owners
Change of NCI without a change in control (Note 16) - - - - - - - - - 42.6 42.6
Share-based payment charge - - - - - - - 8.1 8.1 - 8.1
Total transactions with owners - - - - - - - 8.1 8.1 42.6 50.6
Balance at 30 September 2025 - 381.2 (193.0) 8.3 (27.1) (7.5) 14.4 523.7 700.0 (6.4) 693.6
Condensed consolidated interim statement of changes in equity
For the six months ended 30 September 2024 (unaudited)
Share capital Share Reorganisation Equity Cash flow hedging reserve Cost of hedging reserve (Accumulated losses)/Retained Total Non-controlling interest Total
€ million premium reserve part of convertible debt € million € million Cumulative translation adjustments earnings € million € million equity
€ million € million € million € million € million € million
Balance at 1 April 2024 - 381.2 (193.0) 8.3 13.8 19.0 2.8 (48.7) 183.4 (37.7) 145.7
Comprehensive income
Profit/(Loss) for the period - - - - - - - 323.5 323.5 (8.3) 315.2
Other comprehensive expense - - - - (55.9) (46.2) 3.1 - (99.0) 1.3 (97.7)
Total comprehensive expense - - - - (55.9) (46.2) 3.1 323.5 224.5 (7.0) 217.5
Transactions with owners
Share-based payment charge - - - - - - - 4.7 4.7 - 4.7
Total transactions with owners - - - - - - - 4.7 4.7 - 4.7
Balance at 30 September 2024 - 381.2 (193.0) 8.3 (42.1) (27.2) 5.9 279.5 412.6 (44.7) 367.9
Condensed consolidated interim statement of cash flows
For the six months ended 30 September 2025 (unaudited)
Six months ended 30 Sep 2025 Six months ended 30 Sep 2024 (restated)
€ million € million
Cash flows from operating activities
Profit before income tax 450.6 363.0
Adjustments for:
Depreciation 527.3 465.5
Amortisation 14.8 11.3
Financial income (38.5) (43.8)
Financial expenses 127.4 124.3
Unrealised fair value losses on derivative financial instruments 78.1 9.4
Unrealised foreign currency gains (221.2) (105.6)
Realised non-operating foreign currency losses 70.6 19.5
Gain on sale of property, plant and equipment (57.4) (83.8)
Share-based payment charges 8.2 4.7
Other non-cash operating (income)/expense (66.2) 11.0
Share of net profit of associates - -
893.7 775.5
Changes in working capital
Decrease in trade and other receivables 8.3 51.5
(Increase)/decrease in inventory (8.1) 67.8
Increase in provisions 1.3 13.0
Increase/(decrease) in trade and other payables 43.8 (44.4)
Decrease in deferred income (296.0) (134.6)
Cash generated by operating activities before tax 643.0 728.8
Income tax paid (16.2) (22.7)
Net cash generated by operating activities 626.8 706.1
Cash flows from investing activities
Purchase of aircraft maintenance assets (18.9) (7.7)
Purchase of tangible and intangible assets (111.6) (195.9)
Proceeds from sale of tangible assets 139.2 185.5
Advances paid for aircraft and spare engines (111.8) (234.0)
Refund of advances paid for aircraft and spare engines 210.0 154.6
Interest received 39.8 32.3
Release of restricted cash*** 40.4 18.1
Increase in restricted cash*** (53.7) (4.1)
Release of short-term cash deposits*** 901.0 230.9
Increase in short-term cash deposits*** (818.1) (803.8)
Payment for acquisition of investment - (2.1)
Net cash generated by/(used in) investing activities 216.3 (626.2)
Cash flows from financing activities
Proceeds from new loans* 42.1 233.7
Repayment of loans* (386.0) (342.9)
Interest paid - loans - IFRS 16 lease liability (77.8) (78.4)
Interest paid - loans - JOLCO, FTL and FL (32.5) (20.7)
Transactions with non-controlling interests (Note 16) 29.8 -
Repayment of secured debt - (83.6)
Interest paid - secured debt (0.7) (8.3)
Interest paid - other (1.2) (0.3)
Net cash used in financing activities (426.3) (300.5)
Net decrease in cash and cash equivalents 416.8 (220.6)
Cash and cash equivalents at the beginning of the period 596.9 716.4
Effect of exchange rate fluctuations on cash and cash equivalents (30.8) (35.5)
Cash and cash equivalents at the end of the period** 982.9 460.3
* Mostly JOLCO, FTL, Finance Leases (FL) and IFRS 16, 'Leases'.
** Cash and cash equivalents at 30 September 2025 include
€459.6 million (31 March 2025: €525.3 million; 30 September
2024: €409.2 million; 31 March 2024: €359.4 million) of cash at bank
and €523.6 million (31 March 2025: €72.2 million; 30 September 2024:
€51.1 million; 31 March 2024: €145.6 million) of cash deposits maturing
within three months of inception, €0.2 million money market funds (31 March
2025: €0.0 million; 30 September 2024: €nil; 31 March 2024: €223.4)
and €0.5 million (31 March 2025: €0.6 million; 30 September 2024:
€0.0 million; 31 March 2024: €12.0 million) of overdrafts (repayable on
demand), which are an integral part of cash management activities.
*** The Group previously presented the net change as increase in short term
cash deposits for HY25 of €572.9 million. To enhance the presentation this
has been appropriately split to show amounts placed on short-term cash
deposits of €803.8 million and release of short-term cash deposits of
€230.9 million separately. Whilst not material, the Group also reclassified
the net movement in restricted cash balances of €14.0 million in HY25 from
operating activities and presented this in investing as cash flows from the
increase and release of such balances separately. There was no impact on cash
and cash equivalents from these changes.
Notes to the condensed consolidated interim financial statements (unaudited)
1. General information
Wizz Air Holdings Plc ("the Company") is a limited liability company
incorporated in Jersey, registered under the address 44 Esplanade, St Helier
JE4 9WG, Jersey. The Company is managed from Switzerland, under the address
Route François-Peyrot 12, 1218 Le Grand-Saconnex, Geneve. The Company and its
subsidiaries (together referred to as "the Group" or "Wizz Air") provide
low-cost, low-fare passenger air transportation services on scheduled
short-haul and medium-haul point-to-point routes across Europe and the Middle
East. The Company's Ordinary Shares are listed in the ESCC category of the
Official List of the Financial Conduct Authority and admitted to the Main
Market of the London Stock Exchange.
2. Basis of preparation
These unaudited condensed consolidated interim financial statements present
the financial results of the Group for the six-month period ended 30
September 2025. These condensed consolidated interim financial statements have
been prepared in accordance with the Disclosure Guidance and Transparency
Rules of the Financial Conduct Authority, IAS 34, 'Interim Financial
Reporting' as adopted by the European Union. The unaudited condensed
consolidated interim financial statements should be read in conjunction with
the annual consolidated financial statements for the year ended 31 March
2025, which have been prepared in accordance with IFRSs and IFRICs as adopted
by the European Union and with those parts of the Companies (Jersey) Law 1991
applicable to companies reporting under IFRS.
The comparative figures included for the year ended 31 March 2025 do not
constitute the statutory financial statements of the Group based on Article
105 (11) of the Companies (Jersey) Law 1991. The consolidated financial
statements of the Group for the year ended 31 March 2025, together with the
Independent Auditors' Report, have been filed with the Jersey Financial
Services Commission and are also available on the Company's website
(wizzair.com). The Independent Auditors' Report on those financial statements
was unqualified.
The Company has a policy of rounding each amount and percentage individually
from the fully accurate number to the figure disclosed in the condensed
consolidated interim financial statements. As a result, some amounts and
percentages do not total - though such differences are all trivial.
Going concern
Basis of preparation and assessment period
Wizz Air's business activities together with emerging and principal risks
likely to affect its future development and performance, are described in our
2025 Annual Report and Accounts. The Directors have reviewed the Group's
latest financial forecasts for a period of 18 months from the date of approval
of the interim financial statements. This includes considering the Group's
available committed financing for aircraft and its plans to finance committed
future aircraft deliveries due within this period that are currently
unfinanced, and also takes into account forecast aircraft groundings given
our GTF engine related supply chain issues and associated compensation to
mitigate these issues.
Financial position and liquidity
At 30 September 2025, the Group held total cash of €1,984.8 million
(including cash and cash equivalents of €983.4 million, €915.5 million
in short-term cash deposits and €85.9 million in restricted cash), while
net current liabilities were €738.4 million (including deferred income of
€767.2 million) and net assets were €693.6 million. The Group's
contractual undiscounted external borrowings include: €500.0 million of
bonds maturing in January 2026; €278.7 million of ETS financing from
Standard Chartered Bank repayable March 2026; and convertible debt of
€25.5 million. In addition, borrowings include a carrying amount of
€5,881.1 million from lease contracts accounted for under IFRS 16 and
liabilities related to JOLCO, FTL and Finance Lease contracts. None of these
borrowings contain any financial covenants.
Aircraft financing and planning horizon
The Group operates using a three-year planning cycle. Aircraft deliveries
represent the Group's primary capital expenditure over the going concern
period, which the Group intends to finance through various forms of sale and
leaseback or other fleet financing arrangements, consistent with its past
practices. While such financing remains partially uncommitted, the vendor
additionally offers committed backstop financing. This backstop financing
would cover a substantial portion, though not all, of the expenditure if the
Group chooses to utilise it.
Forecasting approach
The Directors' enquiries and testing included the review of a base case model
projecting the Group's cash flows. The base case model is derived from our
contracted fleet plan which includes recent amendments to the
Airbus orderbook (Note 20). This was adjusted to reflect aircraft
availability constraints from GTF engine supply chain issues, based on
forecasts prepared by the operations team.
The resulting available fleet was overlaid with a utilisation assumption
consistent with actual levels observed in F25. A network plan was then
applied to which revenue, cost, compensation, working capital and financing
assumptions were layered to develop the base case cash flows. The base case
further includes any expected cash flows in relation to the closure of Wizz
Air Abu Dhabi.
Downside scenario
This base case was then flexed to produce a downside forecast that assumes
lower demand leading to a 5 per cent reduction in RASK, a 10 per cent higher
fuel cost per metric tonne and a 2% per annum increase in our operating unit
costs. These assumptions were modelled cumulatively across the full going
concern period which represents a severe but plausible downside case. The
downside case also excludes any assumed financing for our currently unfinanced
aircraft deliveries. Mitigating actions in relation to the unfinanced aircraft
were also considered in preparation of the downside case.
Key risk considerations
In preparing both base and downside forecasts, the Directors considered the
emerging and principal risks identified including:
▶Card acquirer risk: The Group receives payment for ticket and ancillary
revenue in advance through arrangements with various card acquirers which are
subject to typical capacity and security limits. These limits were
considered in the forecast models.
▶Geopolitical and operational disruption: The impact of conflicts in
Ukraine and Israel was considered, including the three stranded aircraft in
Ukraine. Whilst the Group's plans include continued operations to Israel, the
potential for reallocating capacity to other routes was assessed and
considered manageable.
▶Climate and regulatory risk: The Directors considered the impact of higher
pricing for ETS levied in Europe and the UK, as well as CORSIA implementation
costs. These were reflected in forecast assumptions through higher carbon and
fuel pricing. The use of sustainable aviation fuel (SAF) was also considered
as part of increased average jet fuel cost assumptions.
The Directors concluded that no material adverse impact on future cash flows
is likely to result from these items. Furthermore, it was assumed that there
will be no further significant disruption of the magnitude experienced in
recent financial years.
Conclusion
In this downside scenario, whilst there was a significant reduction in
liquidity, headroom on the security levels of the card acquirer contracts was
maintained. After making enquiries and testing the assumptions against
different forecast scenarios, including a severe but plausible downside case,
the Directors have satisfied themselves that the Group is expected to be able
to meet its commitments and obligations as they fall due for a period of at
least the next twelve months from the date the interim financial statements
are approved. Accordingly, the Directors consider it appropriate to adopt the
going concern basis of accounting in preparing the condensed consolidated
interim financial statements.
3. Material accounting policies
These condensed consolidated interim financial statements have been prepared
in accordance with the accounting policies, methods of computation and
presentation applied in the Group's most recently published consolidated
financial statements for the year ended 31 March 2025, except for the
changes explained below.
The preparation of condensed consolidated interim financial statements
requires management to make judgments, estimates and assumptions that affect
the application of accounting policies and the reported amounts of assets and
liabilities, income and expense. Actual results may differ from these
estimates.
In preparing these condensed consolidated interim financial statements the
significant judgments made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as
those that applied to the consolidated financial statements for the year
ended 31 March 2025.
Income taxes are calculated based on the management's best estimate of the
effective tax rate in line with IAS 34.
In preparing the condensed consolidated interim financial statements, the
Directors have considered the impact of climate change, particularly in the
context of the disclosures included in the Strategic Report in
the 2025 Annual Report and Accounts, the stated emission targets and the
update provided on page 4
(file:///C%3A/Users/simpsona/Downloads/Wizz%20Air%20Holdings%20Plc.%20-%20H1%20report%20F26_2025.09.30.xhtml#i68192bf2f61e41d4a173dba3b795b1b6_25)
of this interim report. These considerations did not have a material impact
on the Group's going concern assessment, nor on the financial reporting
judgments and estimates used in the preparation of these interim financial
statements.
New standards, amendments and interpretations issued and effective
The following new standards, amendments and interpretations apply for the
first time in the six months to 30 September 2025, but do not have any impact
on the condensed consolidated interim financial statements of the Group:
▶Amendments to IAS 21, 'The Effects of Changes in Foreign Exchange Rates':
Lack of Exchangeability
New standards, amendments and interpretations issued but not yet effective
The following new accounting standards, amendments and interpretations have
been published by the IASB that are not yet effective and have not been early
adopted by the Group. The new accounting standards, amendments and
interpretations are not expected to have a material impact on the Group's
financial statement in the current or future reporting periods.
▶Amendments to IFRS 9 and IFRS 7, 'Contracts Referencing Nature-dependent
Electricity'
▶Amendments to IFRS 9 and IFRS 7, Amendments to the 'Classification and
Measurement of Financial Instruments'
▶Annual Improvements to IFRS Accounting Standards - Volume 11, contains
amendments to the following standards: IFRS 1, 'First-time Adoption of
International Financial Reporting Standards', IFRS 7, 'Financial Instruments:
Disclosures', IFRS 9, 'Financial Instruments', IFRS 10, 'Consolidated
Financial Statements' and IAS 7, 'Statement of Cash Flows'.
The IASB has published the following new accounting standards, amendments, and
interpretations that have not yet been endorsed by the EU. The Group will
assess the effects of the new standards on its consolidated financial
statements in due course.
▶IFRS 18, 'Presentation and Disclosure in Financial Statements': The IASB
issued IFRS 18 on 9 April 2024. The new standard will give investors more
transparent and comparable information about companies' financial
performances. IFRS 18 introduces three sets of new requirements to improve
companies' reporting of financial performance and give investors a better
basis for analysing and comparing companies: three defined categories for
income and expenses - operating, investing and financing - to improve the
structure of the income statement, and requiring all companies to provide new
defined subtotals, including operating profit; explanations of the
company-specific measures that are related to the income statement, referred
to as management-defined performance measures (MPMs); and enhanced guidance on
how to organise information and whether to provide it in the primary financial
statements or in the notes. IFRS 18 is effective for annual reporting periods
beginning on or after 1 January 2027, but companies can apply it earlier. The
standard is not yet endorsed by the EU.
IFRS 18 is applicable for the Group, therefore an analysis of the impact of
IFRS 18, particularly with respect to the structure of the Group's statement
of comprehensive income, the statement of cash flows and additional
disclosures required for management-defined performance measures, is in
progress.
4. Financial risk management
Hedging
The hedges under the systematic hedge policy will be rolled forward
quarterly, 18 months out, with coverage levels over time reaching a minimum of
65 per cent for the first quarter of the hedging horizon and 15 per cent for
the last quarter of the hedging horizon. In line with the hedging policy, Wizz
Air also hedges its US Dollar exposure related to fuel consumption.
As at 1 October 2024, the Wizz Air Board approved a USD lease liabilities
economic hedging policy covering a large portion of foreign exchange risks
related to airplane lease financing denominated in US dollars.
Hedge transactions during the period
The Group uses zero-cost collar and JET swap instruments to hedge its jet
fuel-related foreign exchange exposures and jet fuel price exposures. In order
to ensure economic relationship, the Group enters into hedge relationships
where critical terms of the hedging instrument match exactly with that of the
hedged item.
The gains and losses arising from hedge transactions during the period were as
follows:
Foreign exchange hedge:
Six months ended 30 Sep 2025 Six months ended 30 Sep 2024
€ million € million
(Loss)/gain recognised within fuel costs
Effective cash flow hedge (14.1) 2.9
Total (loss)/gain recognised within fuel costs (14.1) 2.9
Fuel hedge:
Six months ended 30 Sep 2025 Six months ended 30 Sep 2024
€ million € million
Loss recognised within fuel costs
Effective cash flow hedge (14.9) (7.1)
Total loss recognised within fuel costs (14.9) (7.1)
Hedge period and open positions
The Group measures its derivative financial instruments at fair value,
calculated by a third-party front office system as per their industry
practice. As required, the fair values ascribed to those instruments are
verified also by management using high-level models. Such fair values might
change materially within the near future but these changes would not arise
from assumptions made by management or other sources of estimation uncertainty
at the end of the period but from movements in market prices. The fair value
calculation is most sensitive to movements in the jet fuel and foreign
currency spot prices, their implied volatility and respective yields.
At the end of the period the Group had the following open hedge positions:
Foreign exchange hedges with derivatives:
Derivative financial instruments
At 30 September 2025 Notional amount US$ million Non-current Current Non-current Current Net liability
assets assets liabilities liabilities € million
€ million € million € million € million
Effective cash flow hedge positions 1,237.0 0.2 0.2 (0.7) (32.6) (32.9)
Total foreign exchange hedge 1,237.0 0.2 0.2 (0.7) (32.6) (32.9)
Derivative financial instruments
At 31 March 2025 Notional amount US$ million Non-current Current Non-current Current Net asset
assets assets liabilities liabilities € million
€ million € million € million € million
Effective cash flow hedge positions 1,147.0 0.1 8.1 (3.6) (4.2) 0.4
Total foreign exchange hedge 1,147.0 0.1 8.1 (3.6) (4.2) 0.4
For the associated movements in other comprehensive income refer to the
condensed consolidated interim statements of comprehensive income and changes
in equity.
The open foreign currency cash flow hedge positions at period end can be
analysed according to their maturity periods and the price ranges of the
underlying hedge instruments as follows:
EUR/USD foreign exchange hedge:
F26 F27
At 30 September 2025 6 months 12 months
Maturity profile of notional amount (million) $597.0 $640.0
Weighted average ceiling 1.1501 $1.1773
Weighted average floor 1.1047 $1.1288
F26 F27
At 31 March 2025 12 months 6 months
Maturity profile of notional amount (million) $931.0 $216.0
Weighted average ceiling $1.1224 $1.1016
Weighted average floor $1.0792 $1.0591
Fuel hedge with derivatives:
Derivative financial instruments
At 30 September 2025 '000 Non-current Current Non-current Current Net liability
metric tonnes assets assets liabilities liabilities € million
€ million € million € million € million
Effective cash flow hedge positions 1,715.5 0.6 9.0 (1.5) (13.2) (5.2)
Total fuel hedge 1,715.5 0.6 9.0 (1.5) (13.2) (5.2)
Derivative financial instruments
At 31 March 2025 '000 Non-current Current Non-current Current Net liability
metric tonnes assets assets liabilities liabilities € million
€ million € million € million € million
Effective cash flow hedge positions 1,753.0 1.1 2.3 (2.7) (25.1) (24.3)
Total fuel hedge 1,753.0 1.1 2.3 (2.7) (25.1) (24.3)
For the movements in other comprehensive income refer to the condensed
consolidated interim statements of comprehensive income and changes in equity.
The fuel hedge positions at period end can be analysed according to their
maturity periods and the price ranges of the underlying hedge instruments as
follows:
F26 F27
At 30 September 2025 6 months 12 months
Maturity profile ('000 metric tonnes) 794.5 921.0
Blended capped rate $762.0 726
Blended floor rate $691.0 659
F26 F27
At 31 March 2025 12 months 6 months
Maturity profile ('000 metric tonnes) 1,420.0 333.0
Blended capped rate $786.0 $745.0
Blended floor rate $709.0 $677.0
Effects of hedge accounting on the financial position and performance
The effects of the foreign exchange hedges on the Group's financial position
and performance are as follows:
At 30 Sep 2025 At 31 Mar 2025
Zero-cost collars
Carrying amount, net (liability)/asset (32.9) 0.4
Notional amount (US$ million) 1,237.0 1,147.0
Maturity date October 2025- February 2027 April 2025- August 2026
Hedge ratio 1:1 1:1
Change in fair value of outstanding hedging instruments (€ million) (30.5) (1.6)
Change in value of hedged item used to determine hedge effectiveness (€ 30.5 1.6
million)
The effects of the fuel hedges on the Group's financial position and
performance are as follows:
At 30 Sep 2025 At 31 Mar 2025
Zero-cost collars
Carrying amount, net liability (5.5) (24.5)
Notional amount ('000 metric tonnes) 1,700.5 1,726.5
Maturity date October 2025- February 2027 April 2025- August 2026
Hedge ratio 1:1 1:1
Change in fair value of outstanding hedging instruments (€ million) 2.7 (8.7)
Change in value of hedged item used to determine hedge effectiveness (€ (2.7) 8.7
million)
Commodity swaps
Carrying amount, net asset 0.4 0.2
Notional amount ('000 metric tonnes) 15.0 26.5
Maturity date October 2025 April 2025-
May 2025
Hedge ratio 1:1 1:1
Change in fair value of outstanding hedging instruments (€ million) 0.4 0.2
Change in value of hedged item used to determine hedge effectiveness (€ (0.4) (0.2)
million)
Hedge effectiveness
The effectiveness of hedges is tested both prospectively and retrospectively
to determine the appropriate accounting treatment of hedge gains and losses.
Prospective testing of open hedges requires making certain estimates, the most
significant one being for the future expected level of the business activity
(primarily the utilisation of fleet capacity) of the Group. Using these
estimates, management makes a judgment on the accounting treatment of open
hedging instruments. Hedge accounting for jet fuel and foreign currency cash
flow hedges is discontinued where the "highly probable" forecast criterion is
not met in accordance with the requirements of IFRS 9.
There was no discontinued hedging relationship during the six months ended 30
September 2024 or the six months ended 30 September 2025.
None of the hedge counterparties had a material change in their credit status
that would have influenced the effectiveness of the hedging transactions.
Fair value estimation
The Group measures its derivative financial instruments at fair value,
calculated by a third-party front office system that falls into the Level 2
category. Fair values are determined based on inputs other than quoted prices
that are observable for the asset or liability, either directly or indirectly.
The front office platform provides comprehensive risk management capabilities,
using generally accepted valuation techniques, principally the Black-Scholes
model and discounted cash flow models. Equity investments are measured at fair
value through profit or loss. All the other financial assets and financial
liabilities of the Group are measured at amortised cost. For the majority of
these instruments, the fair values are not materially different from their
carrying amounts. The fair value of the money market funds included in cash
and cash equivalents as at 30 September 2025 was estimated using quoted
prices (Level 1).
Fair values
The fair values of the financial instruments of the Group together with their
carrying amounts shown in the condensed consolidated interim statement of
financial position are as follows:
Carrying amount Fair value Carrying amount Fair value
30 Sep 2025 30 Sep 2025 31 March 2025 31 Mar 2025
€ million € million € million € million
Financial asset at fair value through other comprehensive income 3.7 3.7 3.7 3.7
Trade and other receivables due after more than one year 40.6 40.6 45.7 45.7
Restricted cash 85.9 85.9 78.3 78.3
Derivative financial assets 10.0 10.0 12.1 12.1
Trade and other receivables due within one year 591.8 591.8 522.2 522.2
Cash and cash equivalents 983.4 983.4 597.5 597.5
Short-term cash deposits 915.5 915.5 1,060.2 1,060.2
Trade and other payables due after more than one year (20.5) (20.5) (16.0) (16.0)
Trade and other payables due within one year (948.5) (948.5) (798.5) (798.5)
Derivative financial liabilities (133.2) (133.2) (42.6) (42.6)
Convertible debt (25.4) (25.4) (25.5) (25.5)
Borrowings (5,923.8) (5,733.4) (5,815.7) (5,674.4)
Secured debt (278.6) (274.3) (271.9) (261.8)
Unsecured debt (503.7) (497.0) (500.9) (489.7)
Deferred income (13.0) (13.0) (5.5) (5.5)
Net balance of financial instruments (liability) (5,215.8) (5,014.4) (5,156.9) (4,994.3)
The fair value of the Eurobonds is estimated using quoted prices (Level 1),
derivatives (Note 4) and lease liabilities are valued using Level 2
methodology and the fair value of all other financial assets and financial
liabilities is estimated using Level 3 in the fair value hierarchy.
For the carrying amount of borrowings please see Note 16.
The following table presents the Group's financial assets and liabilities that
are measured at fair value at 30 September 2025:
Level 1 Level 2 Level 3 Total
€ million € million € million € million
Assets
Investments in other entities - - 3.7 3.7
Derivative financial instruments - 10.0 - 10.0
Cash and cash equivalents 0.2 - - 0.2
0.2 10.0 3.7 13.9
Liabilities
Derivative financial instruments - 133.1 - 133.1
- 133.1 - 133.1
The following table presents the Group's financial assets and liabilities that
are measured at fair value at 31 March 2025:
Level 1 Level 2 Level 3 Total
€ million € million € million € million
Assets
Investments in other entities - - 3.7 3.7
Derivative financial instruments - 12.1 - 12.1
Cash and cash equivalents - - - -
- 12.1 3.7 15.8
Liabilities
Derivative financial instruments - 42.6 - 42.6
- 42.6 - 42.6
There have been no transfers of assets or liabilities between levels of the
fair value hierarchy during the period.
5. Critical accounting estimates and judgments made in applying the Group's
accounting policies
For critical accounting estimates and judgments refer to Note 4 in
the 2025 Annual Report and Accounts of the Group. No significant changes to
such estimates and judgments occurred for the six months ended 30 September
2025.
6. Segment information
Reportable segment information
During F25 and F26 the Group had only one reportable segment, being its
entire route network, resulting in a net profit of €323.5 million during
the six months ended 30 September 2025 (for the six months ended 30
September 2024: €315.2 million net profit). All segment revenue was
derived wholly from external customers and, as the Group had a single
reportable segment, inter-segment revenue was zero.
Entity-wide disclosures
Products and services
Revenue from external customers can be analysed by groups of similar services
as follows:
Six months ended 30 Sep 2025 Six months ended 30 Sep 2024
€ million € million
Passenger ticket revenue 1,926.6 1,767.5
Ancillary revenues 1,415.5 1,298.6
Total segment revenue 3,342.1 3,066.1
These categories are non-IFRS categories meaning that they are not necessarily
distinct from a nature, timing and risk point of view; however, management
believes that these categories provide clarity over the revenue profile of the
Group to the readers of the financial statements and are in line with airline
industry practice. The categories as per the definition of IFRS 15 are
disclosed in Note 7.
Ancillary revenue arises mainly from baggage charges, booking/payment currency
conversion charges, airport check-in fees, fees for various convenience
services (e.g. priority boarding, extended legroom and reserved seats),
loyalty programme membership fees, commission on the sale of onboard catering,
accommodation, car rental, travel insurance, bus transfers, premium calls,
co-branded cards and charters.
Geographic areas
Revenue from external customers can be analysed by geographic areas as
follows:
Six months ended 30 Sep 2025 Six months ended 30 Sep 2024
€ million € million
EU and EFTA countries 2,405.6 2,135.8
UK 340.6 330.6
Other (non-EU) 595.9 599.7
Total revenue from external customers 3,342.1 3,066.1
In the table above, other (non-EU) comprises a number of non-EU geographic
areas that are all individually less than 10 per cent of the total revenue.
Revenue was allocated to geographic areas based on the location of the first
departure airport on each ticket booking.
The Company's revenue from external customers within the EU is mainly
generated by Italy of €438.9 million for the six months ended 30 September
2025 (the six months ended 30 September 2024: €387.7 million), Romania of
€356.9 million (the six months ended 30 September 2024: €331.4 million)
and Poland of €328.2 million (the six months ended 30 September
2024: €279.2 million).
The physical location of non-current assets is not disclosed by geographic
area. This is because: (i) by value most assets are associated either with
aircraft not yet received (pre-delivery payments) or with existing leased
aircraft and spare engines (RoU and maintenance assets), the location of which
changes regularly following aircraft capacity allocation decisions; and (ii)
the value of the remaining asset categories (land and buildings, and fixtures
and fittings) is not a material part of total non-current assets.
The distribution of the non-current assets between the key operating entities
of the Group is as follows:
30 Sep 2025 31 March 2025
€ million € million
Wizz Air Hungary Ltd. 2,073.2 2,226.3
Wizz Air Malta Ltd. 1,721.4 1,913.7
Wizz Air Fleet Management Ltd. 1,841.5 1,709.8
Wizz Air UK Limited 378.3 407.7
Wizz Air Asset Solutions Ltd. 1,078.0 696.5
Wizz Air Abu Dhabi Ltd.* 28.6 44.1
Other 22.7 21.8
Total non-current assets 7,143.7 7,019.9
* These assets mainly relate to aircraft maintenance assets and are subject to
re-allocation within the Group.
No revenue or non-current assets of the Group were recognised in Jersey, the
Company's country of domicile for the six months ended 30 September
2025 (for the six months ended 30 September 2024: €nil).
Major customers
The Group derives the vast majority of its revenues from its passengers and
sells most of its tickets directly to the passengers as final customers,
rather than through corporate intermediaries (tour operators, travel agents or
similar).
7. Revenue
The split of total revenue presented in the condensed consolidated interim
statement of comprehensive income, being passenger ticket revenue and
ancillary revenue, is a non-IFRS measure (or alternative performance measure).
The existing revenue presentation is considered relevant for users of the
financial statements because: (i) it mirrors disclosures presented outside of
the financial statements; and (ii) it is regularly reviewed by the Chief
Operating Decision Maker for evaluating financial performance of the (group's
single) operating segment.
Revenue from contracts with customers can be disaggregated as follows based on
IFRS 15:
Six months ended 30 Sep 2025 Six months ended 30 Sep 2024
€ million € million
Revenue from contracts with passengers 3,305.1 3,032.1
Revenue from contracts with other partners 37.0 34.0
Total revenue from contracts with customers 3,342.1 3,066.1
These two categories represent revenues that are distinct from a nature,
timing and risks point of view. Revenue from contracts with other partners
relates to commissions on the sale of on-board catering, accommodation, car
rental, travel insurance, bus transfers, premium calls and co-branded cards,
where the Group acts as an agent.
The contract assets reported on 30 September 2025 as part of trade and other
receivables amounted to €6.0 million (31 March 2025: €8.9 million) and
the contract liabilities (unearned revenues) reported as part of deferred
income were €698.2 million as at 30 September 2025 (31 March 2025:
€1,003.5 million). Out of the €3,305.1 million revenue recognised for
the six months ended 30 September 2025 (for the six months ended 30
September 2024: €3,032.1 million), €1,003.5 million (the six months
ended 30 September 2024: €790.3 million) was included in the contract
liability balance at the beginning of the period.
8. Net financing income and expenses
Six months ended 30 Sep 2025 Six months ended 30 Sep 2024
€ million € million
Interest income 38.5 43.8
Financial income 38.5 43.8
Interest expenses on:
Convertible debt (1.1) (0.9)
IFRS 16 lease liability (77.9) (78.6)
JOLCO, FTL and FL liability (37.6) (26.0)
Unsecured debt (2.9) (2.9)
Secured debt (6.8) (15.6)
Other (1.1) (0.3)
Financial expenses (127.4) (124.3)
Net losses on derivative financial instruments (75.7) -
Net foreign exchange gains 176.0 94.3
Net financing income 11.4 13.8
Interest income and expense include interest on financial instruments.
Interest income is earned on cash and cash equivalents, short-term deposits
and restricted cash.
During H1 F26, the EUR/USD exchange rate increased from 1.08 at 31 March
2025 to 1.18 at 30 September 2025. This resulted in a foreign
exchange gain on remeasuring liabilities denominated in USD, including IFRS
16 lease, JOLCO, FTL and FL liabilities, which was partially offset by a
foreign exchange loss on remeasurement of cash and equivalents, cash deposits
and restricted cash in foreign currencies.
Net losses on derivative financial instruments include €75.7 million for
the six months ended 30 September 2025 (the six months ended 30 September
2024: €nil) which is the unrealised result on the cross currency interest
rate swap contracts where hedge accounting is not applied. There were no
cross currency interest rate swap contracts in H1 F25.
9. Income tax expense
The income tax charge for the six months ended 30 September 2025 was
€127.1 million (the six months ended 30 September 2024: €47.8 million
tax charge). The increase in tax charge is attributable to the increased
profit before tax for the current period, and the higher effective tax rate.
This tax charge consists €25.7 million (the six months ended 30 September
2024: €14.7 million) current tax charge and €101.4 million (the six months
ended 30 September 2024: €33.1 million) deferred tax charge.
The effective income tax rate for the six months ended 30 September
2025 is 20.8 per cent (the six months ended 30 September 2024: 13.2 per
cent) excluding a one-off tax adjustment related to prior periods, and it is
28.2% including the one-off adjustment.
Deferred tax assets and liabilities recognised
RoU assets* Lease liabilities* Provisions for other liabilities and charges Property, plant and equipment Tax loss carry-forwards Hedge Other Total
€ million € million € million € million € million € million € million € million
At 1 April 2024 (127.2) 172.9 14.6 (18.9) 27.4 (3.3) 43.7 109.2
Deferred tax assets (127.2) 172.9 14.6 (18.9) 27.4 (3.3) 43.7 109.2
Deferred tax liabilities - - - - - - - -
Credited/(charged) to:
Profit or loss 9.2 (12.1) (7.5) (20.5) - - (2.0) (32.9)
Other comprehensive income/(expense) - - - - - 11.2 - 11.2
At 30 September 2024 (118.0) 160.8 7.1 (39.4) 27.4 7.9 41.7 87.5
Deferred tax assets (118.0) 160.8 7.1 (37.3) 27.4 7.9 41.7 89.6
Deferred tax liabilities - - - (2.1) - - - (2.1)
At 1 April 2025 (814.0) 965.7 15.3 (8.8) 25.8 2.1 148.6 334.7
Deferred tax assets (814.0) 965.7 15.3 (8.8) 25.8 2.1 148.6 334.7
Deferred tax liabilities - - - - - - - -
Credited/(charged) to:
Profit or loss** (128.7) 29.5 (0.5) (22.4) 21.5 - (1.2) (101.8)
Other comprehensive income/(expense) - - - - - 1.2 - 1.2
At 30 September 2025 (942.7) 995.2 14.8 (31.2) 47.3 3.3 147.4 234.1
Deferred tax assets (942.7) 995.2 14.8 (31.2) 47.3 3.3 147.4 234.1
Deferred tax liabilities - - - - - - - -
Assets: + / Liabilities: -
*Deferred tax assets and liabilities recognised have been further analysed
to separately show the effect on RoU assets and lease liabilities.
**The summary table does not contain the effect of currency translation (CTA)
The total balance of the deferred taxes is €234.1million deferred tax asset
(31 March 2025: €334.7 million asset) that consists only deferred tax
assets.
The €52.5 million (31 March 2025: €151.7million) net deferred tax asset
recognised in relation to IFRS 16 RoU assets and lease liabilities is driven
by the fact that certain subsidiaries of the Group in their income tax returns
recognise leasing fees in line with contracts, on a straight-line basis, which
differs from the timing of recognition under IFRS 16. Under IFRS 16, the
lease-related expenses are forward loaded, i.e. throughout the lease period
the Group IFRS financial statements cumulatively include more expense and a
lower profit (or higher loss) than the tax returns.
The €14.8 million (31 March 2025: €15.3 million) deferred tax asset was
recognised in relation to provisions (e.g. for carbon quota submission
obligation in the EU Emissions Trading System) that are not deductible for tax
purposes. This temporary difference will be reversed when the Company makes
payments to settle the related liability and receives the tax deductions.
The €(31.2) million (31 March 2025: €(8.8) million) net deferred tax
liability was recognised in connection to property, plant and equipment, which
is mainly driven by the different depreciation or capital allowance derived
from the tax rules compared to the accounting depreciation of the assets. In
addition, a deferred tax liability (€(22.5) million) was recognised on the
temporary difference related to a development reserve formed according to the
Hungarian corporate income tax rules. The development reserve formed (€250.0
million) in Wizz Air Hungary Ltd. is for future purchases of property, plant
and equipment, which is deductible for tax purposes, when it was formed, but
no accounting depreciation will be tax deductible on the assets purchased in
the future on account of the development reserve.
The deferred tax assets of €47.3 million (31 March 2025: €25.8 million)
on tax loss carry-forwards are mainly attributable to the tax losses generated
by Wizz Air UK Limited in prior years and capital allowances carried forward
for Wizz Air Malta and Wizz Air Asset Solutions.
The majority of the deferred tax asset related to other temporary differences
amounting to €147.4 million (31 March 2025: €148.6 million) is
attributable to an intra-group sale of rights to purchase aircraft.
Unrecognised deferred tax asset from tax loss carry forward
Tax loss carry forward for which the Group has not recognized deferred tax
asset as at 30 September 2025, amounted to €90.4 million (31 March 2025:
€118.5 million). The tax losses for which no deferred tax asset was
recognized has unlimited expiry.
Global minimum tax
Switzerland, Hungary, the UK, the Netherlands and the United Arab Emirates
have implemented the OECD's Pillar Two rules, ensuring a minimum effective tax
rate of 15% for large multinational enterprises with global revenues over
€750 million. Malta has transposed the EU's Global Minimum Tax Directive
without a set date for future introduction. However, from F26,
even without the effect of Maltese top-up tax rules, the income of Maltese
group companies is subject to global minimum taxation in Switzerland based on
the income inclusion rules.
As a result, the income of the Hungarian, UK, Dutch, Emirati and Maltese
subsidiaries are subject to minimum tax but this did not
result in an increased tax burden since the subsidiaries in all these
affected jurisdictions met Pillar Two transitional safe harbour conditions,
and are thus exempted from minimum tax obligations in F26.
The Group applies the exception to recognising and disclosing information
about deferred tax assets and liabilities related to Pillar Two income taxes,
as provided in the amendments to IAS 12, 'Income Taxes', issued in May
2023. Therefore, the minimum tax rules had no impact on the recognition and
measurement of deferred tax balances at 30 September 2026, and hence on the
total tax charge in the year.
10. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss
attributable to equity holders of the Group by the weighted average number of
Ordinary Shares in issue during each period.
Six months ended 30 Sep 2025 Six months ended 30 Sep 2024
Profit for the six months, € million 327.0 323.5
Weighted average number of Ordinary Shares in issue 103,401,509 103,366,394
Basic earnings per share (€/share) 3.16 3.13
There were no Convertible Shares in issue at 30 September 2025 (30 September
2024: €nil).
Diluted earnings per share
Diluted earnings per share is calculated by adjusting the weighted average
number of Ordinary Shares in issue with the weighted average number of
Ordinary Shares that could have been issued in the respective period as a
result of the conversion of the following convertible instruments of the
Group:
▶Convertible Shares;
▶Convertible Notes; and
▶Employee share options (vested share options are included in the
calculation).
The profit for the period has been adjusted for the purposes of calculating
diluted earnings per share in respect of the interest charge relating to the
debt which could have been converted into shares.
Six months ended 30 Sep 2025 Six months ended 30 Sep 2024
Profit for the six months, € million 327.0 323.5
Interest expense on convertible debt (net of tax), € million 1.1 0.9
Profit used to determine diluted earnings per share 328.1 324.4
Weighted average number of Ordinary Shares in issue 103,401,509 103,366,394
Adjustment for assumed conversion on convertible instruments 24,344,397 24,350,964
Weighted average number of Ordinary Shares for diluted earnings per share 127,745,906 127,717,358
Diluted earnings per share (€/share) 2.57 2.54
11. Property, plant and equipment
Land and building Aircraft maintenance assets Aircraft assets and parts ** Fixtures and fittings Advances paid for aircraft and spare engines* Advances paid for aircraft maintenance assets RoU assets - aircraft and spare engines RoU assets - other Total
€ million € million € million € million € million € million € million € million € million
Cost
At 1 April 2024 37.5 581.6 1,806.1 13.2 842.3 149.9 4,661.7 33.8 8,126.1
Additions 5.4 80.1 531.1 1.6 292.0 40.2 279.6 1.4 1,231.4
Disposals - (31.4) (191.9) (0.1) (154.5) - (103.9) (3.0) (484.8)
Transfers - 51.1 39.0 - (39.0) (51.1) - - -
FX translation effect - (5.2) 4.4 - - 2.0 7.7 - 8.9
At 30 September 2024 42.9 676.2 2,188.7 14.7 940.8 141.0 4,845.1 32.2 8,881.6
At 1 April 2025 47.5 835.1 2,441.8 15.4 926.2 112.4 4,926.2 41.2 9,345.8
Additions 3.2 161.1 178.9 1.3 211.0 36.0 398.1 0.9 990.5
Disposals - (112.5) (6.2) - (215.6) - (186.3) - (520.6)
Transfers - 29.0 - - - (29.0) - - -
FX translation effect - (11.3) (9.0) (0.1) - (0.1) (11.7) (0.3) (32.5)
At 30 September 2025 50.7 901.4 2,605.5 16.6 921.6 119.3 5,126.3 41.8 9,783.2
Accumulated depreciation
At 1 April 2024 7.4 226.9 216.7 10.2 - - 1,841.1 8.8 2,311.1
Depreciation charge for the period 0.7 119.5 51.7 1.1 - - 290.6 1.9 465.5
Disposals - (31.2) (4.0) (0.1) - - (102.6) (1.5) (139.4)
FX translation effect - (4.1) 0.6 - - - 1.8 0.2 (1.5)
At 30 September 2024 8.1 311.1 265.0 11.2 - - 2,030.9 9.4 2,635.7
At 1 April 2025 9.6 360.6 309.9 11.7 - - 2,149.2 11.8 2,852.8
Depreciation charge for the period 1.3 142.1 71.5 0.7 - - 309.5 2.2 527.3
Disposals - (112.0) (6.1) (0.2) - - (186.3) - (304.6)
FX translation effect - (8.7) (2.3) - - - (3.6) (0.1) (14.7)
At 30 September 2025 10.9 382.0 373.0 12.2 - - 2,268.8 13.9 3,060.8
Net book amount
At 1 April 2024 30.1 354.7 1,589.4 3.0 842.3 149.9 2,820.6 25.0 5,815.0
At 30 September 2024 34.8 365.1 1,923.7 3.5 940.8 141.0 2,814.2 22.8 6,245.9
At 31 March 2025 37.9 474.5 2,131.9 3.7 926.2 112.4 2,777.0 29.4 6,493.0
At 30 September 2025 39.8 519.4 2,232.5 4.4 921.6 119.3 2,857.5 27.9 6,722.4
* Disposals represent the refunds upon delivery of aircraft of advances
previously paid.
** Additions are net of credits and compensation received from suppliers.
The Group entered into various financing arrangements to finance aircraft
including sale and leaseback, Japanese Operating Lease with Call Option
(JOLCO), French Tax Lease (FTL) and Finance Lease (FL) structures. Some of
these arrangements include Special Purpose Vehicles (SPV) in the financing
structure, and in accordance with IFRS 10, where the Group has control of
these entities, these are consolidated in the Group balance sheet. Aircraft
assets and parts leased under JOLCO as part of sale and leaseback
arrangements, FTL and FL are not classified as leases under IFRS 16 and are
treated as aircraft assets and parts (as if there were no sale at all).
Other right-of-use (RoU) assets include leased buildings and simulator
equipment. Please refer to Note 16 for details on lease liabilities.
Additions to aircraft maintenance assets (the six months ended 30 September
2025: €161.1 million; the six months ended 30 September 2024:
€80.1 million) were fixed assets created primarily against provision for
maintenance, as the Group's aircraft or their main components no longer met
the relevant return conditions under lease contracts.
Additions to "advances paid to aircraft maintenance assets" reflect primarily
the advance payments made by the Group to the engine maintenance service
provider under power by the hour agreements.
Additions to "advances paid for aircraft and spare engines" represent PDPs
made in the year, while disposals in the same category represent PDP refunds
received from the manufacturer where the respective aircraft or spare engine
was delivered to the Group. During HY26, in the statement of cash flows the
cash inflow was €210.0 million "refund of advances paid for aircraft and
spare engines" and the cash outflow was €111.8 million "advances paid for
aircraft and spare engines".
The Group reviewed the expected useful lives attributed to its leased aircraft
fleet financed through operating leases, and notes that the duration of its
leases is significantly less than the current expected economic life of an
aircraft. The useful economic life estimates for aircraft financed under
JOLCO, FTL or FL are aligned to the manufacturer or EASA certificates. No
climate risk that may impact these assets during their expected useful
economic lives has been identified. Given this, no change to the expected
useful life is considered necessary as a result of climate change.
The Group recognised €56.3 million as gain on sale and leaseback
transactions in the period (the six months ended 30 September 2024:
€83.8 million).
Short term wet lease expenses of €18.6 million were recognised in the
period (the six months ended 30 September 2024: €94.9 million).
Impairment assessment
The Group's aircraft fleet comprises a single cash generating unit (CGU) that
includes virtually all property, plant, equipment, and also the intangible
assets of the Group. In accordance with the requirements of IAS 36, it was
assessed whether there is any indication that an asset or the CGU is impaired
at the reporting date. The Group reviewed both external and internal sources
of information and concluded that there is no indication of impairment of the
CGU. A separate impairment assessment was performed for the aircraft stranded
in Ukraine as disclosed below.
Aircraft in Ukraine
In February 2022, the airspace of Ukraine, Russia and Moldova was closed until
further notice as a result of the war in Ukraine. Four of Wizz Air's aircraft
were stranded in Ukrainian territory, one in Lviv and three in Kyiv.
The aircraft in Lviv, and all six engines of the aircraft in Kyiv were
successfully repatriated. After attending airframe structural checks and
engine inspections the aircraft and the engines returned to service with no
significant extra repair work required.
Three airframes remaining in Kyiv are in good condition and with no damage,
evidenced by photographic images and local employee information. Maintenance
work has been performed to put parking and storage procedures in place. The
total net book value of the assets is €9.9 million. Since these stranded
assets are not generating cash inflows, an impairment assessment was
performed.
Management evaluated various scenarios, including successful repatriation to
the fleet, the feasibility of commencing operations in Ukraine in case of
peace, the prospect of recovery under insurance arrangements, selling the
assets in full or in part to third parties, and continued grounding with no
recovery prospects. The other scenarios considered range between full recovery
and complete loss of the asset values. Based on the weighted probability
assessment, management considers the carrying amount of the aircraft to be
recoverable from the cash flows generated through the various scenarios
assessed.
12. Inventories
30 Sep 2025 31 Mar 2025
€ million € million
Aircraft consumables 50.3 47.3
UK Emissions Trading Scheme (UK ETS) allowances 19.7 23.8
EU Emissions Trading Scheme (EU ETS) allowances (refer to Note 16) 216.0 200.8
Total inventories: 286.0 271.9
During the period, remnant stock with a carrying amount of €0.6 million
was written off to maintenance expenses (the six months ended 30 September
2024: €0.1 million). There was no write back in either period of any write
down of inventory previously made.
Inventories totaling €16.7 million were recognised as maintenance materials
and repairs expenses in the period (the six months ended 30 September 2024:
€10.9 million).
13. Trade and other receivables
30 Sep 2025 31 Mar 2025
€ million € million
Non-current
Receivables from lessors 27.4 31.0
Other receivables 13.2 14.7
Non-current trade and other receivables 40.6 45.7
Current
Trade receivables 267.8 275.1
Receivables from lessors 1.3 0.5
Other receivables 87.2 38.1
Total current other receivables 88.5 38.6
Prepayments and deferred expenses 124.9 71.4
Accrued income 278.1 245.3
Current trade and other receivables 759.3 630.4
Total trade and other receivables 799.9 676.1
Receivables from lessors (both current and non-current) represent the deposits
provided by the Group to lessors as security in relation to lease contracts
and in relation to the funding of future maintenance events.
Trade receivables included €174.3 million of receivables from contracts
with customers (at 31 March 2025: €202.1 million). The amount consists
mainly of credit card sales not yet transferred to the Group by the card
acquirer, receivables from travel agencies and group bookings.
Credits received in the amount of €148.8 million are related to incentives
and compensation from Original Equipment Manufacturers (OEMs) and other
suppliers (the six months ended 30 September 2024: €146.3 million). These
credits and compensations are accounted for as other income in the condensed
consolidated interim statement of comprehensive income.
Total trade and other receivables as at 30 September 2025 included financial
instruments in the amount of €632.4 million (31 March
2025: €567.9 million).
Impairment of trade and other receivables
30 Sep 2025 31 Mar 2025
€ million € million
Impaired receivables
- trade receivables (4.1) (2.8)
Allowances on impaired receivables
- other receivables (0.5) (0.5)
14. Trade and other payables
30 Sep 2025 31 Mar 2025
€ million € million
Non-current liabilities
Accrued expenses 29.2 69.5
Non-current trade and other payables 29.2 69.5
Current liabilities
Trade payables 266.4 230.7
Payables to passengers 60.9 57.9
Other payables 42.5 37.7
Accrued expenses 817.6 712.5
Current trade and other liabilities 1,187.4 1,038.8
Total trade and other payables 1,216.6 1,108.3
Payables to passengers include the refunds made in credits that can be used by
customers for re-booking tickets for later dates or can be requested by
customers for refunding by the Group in cash and other liabilities towards
customers. Credits not eligible for a cash refund are classified as deferred
income.
Accrued expenses mainly include accruals for operating expenses such as
airport and ground handling, fuel, ETS allowances, en-route and navigation,
crew and maintenance-related expenses and liabilities for EU regulation (EC)
No. 261/2004 (EU261) compensation to customers in the amount of
€27.6 million (31 March 2025: €13.0 million).
The Group recognised €86.5 million for EU regulation (EC) No. 261/2004
(EU261) and other flight disruption related compensation to customers in the
period (the six months ended 30 September 2024: €115.5 million).
Total trade and other payables as at 30 September 2025 included financial
instruments in the amount of €968.8 million (31 March 2025:
€814.5 million).
15. Provisions for other liabilities and charges
Aircraft Other Total
maintenance
€ million € million € million
At 31 March 2024 263.6 10.7 274.3
Non-current provisions 144.2 0.1 144.3
Current provisions 119.4 10.6 130.0
Capitalised within property, plant and equipment 76.2 - 76.2
Charged to profit or loss - 15.2 15.2
Used during the period (48.8) (1.3) (50.1)
FX translation effect (8.1) - (8.1)
At 30 September 2024 282.9 24.6 307.5
Non-current provisions 161.8 0.1 161.9
Current provisions 121.1 24.5 145.6
At 31 March 2025 339.2 15.9 355.1
Non-current provisions 186.1 15.1 201.2
Current provisions 153.1 0.8 153.9
Capitalised within property, plant and equipment 156.1 - 156.1
Charged to profit or loss - 3.1 3.1
Used during the period (76.4) (1.9) (78.3)
FX translation effect (21.6) - (21.6)
At 30 September 2025 397.3 17.1 414.4
Non-current provisions 236.1 16.3 252.4
Current provisions 161.2 0.8 162.0
Non-current provisions mainly relate to future aircraft maintenance
obligations of the Group on leased aircraft and spare engines, falling due
typically between one and five years from the reporting date. Current aircraft
maintenance provisions relate to heavy maintenance obligations expected to be
fulfilled in the coming financial year. The provision amount reflects
management's estimates of the cost of heavy maintenance work that will be
required in the future to discharge obligations under the Group's lease
agreements. Maintenance provisions in relation to engines and APUs covered by
power-by-the-hour agreements are netted off with the prepayments made to the
maintenance service provider under such agreements in respect of the same
group of engines and APUs.
16. Borrowings
30 Sep 2025 31 Mar 2025
€ million € million
Lease liability under IFRS 16 584.9 605.7
Unsecured debts 503.7 500.9
Secured debt 278.6 271.9
Loans from non-controlling interests 42.8 -
Liability related to JOLCO, FTL and FL contracts 156.9 139.4
Total current borrowings 1,566.9 1,517.9
Lease liability under IFRS 16 3,033.7 3,065.4
Loans from non-controlling interests - 13.9
Liability related to JOLCO, FTL and FL contracts 2,105.6 1,991.3
Total non-current borrowings 5,139.3 5,070.6
Total borrowings 6,706.2 6,588.5
Unsecured debt
On 19 January 2022, Wizz Air Finance Company B.V., a 100 per cent owned
subsidiary of Wizz Air Holdings Plc, issued a €500.0 million 1.00 per cent
Eurobond, fully and irrevocably guaranteed by the Company, under the
€3,000.0 million EMTN programme with a maturity in January 2026. These
Eurobonds do not contain any financial covenants. The EMTN programme was
renewed in January 2025.
Bank overdrafts form part of the Group physical cash pooling arrangement,
repayable on demand and are an integral part of cash management activities
are included within unsecured debt in the amount of €0.5 million (31 March
2025: €0.6 million).
Secured debt
In December 2023, the Group entered into an ETS sale and repurchase agreement
according to which EU allowances were sold for €253.6 million with a
commitment to repurchase them in September 2024. In September 2024, the
parties decided to extend the repurchase date to March 2026. In November
2025, the repurchase date was further extended to September 2027 (Note
20). The consideration received is recognised as a financial liability within
secured debt. The difference between the sale price and the repurchase price
is recognised as interest expense over the period between the sale date and
the repurchase date. The facility does not contain any financial covenants.
Short-term and variable lease payments
The Group recognised €4.5 million expense relating to short-term leases
(the six months ended 30 September 2024: €0.8 million) and €nil expense
relating to variable lease payments in the period (the six months ended 30
September 2024: €nil).
Loans from non-controlling interests
On 14 July 2025, Wizz Air announced that it would cease Wizz Air Abu Dhabi's
operations effective from 1 September 2025, and the intention to initiate a
process of winding down the business primarily due to a strategic realignment
of the Wizz Air Group. In August 2025, the non-controlling interests of Wizz
Air Abu Dhabi have provided it with a cash loan of €30.0 million in order
to help settle relevant Wizz Air Abu Dhabi third-party liabilities. The loan
is repayable on demand.
This loan, together with a €12.6 million loan provided in prior years, in
the total amount of €42.6 million will be settled with a promissory note
issued by the non-controlling interests to Wizz Air Abu Dhabi in the same
amount in exchange for shares.
The maturity profile of borrowings as at 30 September 2025 is as follows:
IFRS 16 aircraft and engine lease liability IFRS 16 other lease liability JOLCO, FTL and FL liability Unsecured debt Secured debt Loans from non-controlling interests Total
€ million € million € million € million € million € million € million
Payments due:
Within one month 40.5 0.3 17.1 0.5 - 42.8 101.2
Between one and three months 95.8 0.5 27.7 - - - 124.0
Between three months and one year 445.4 2.4 112.1 503.2 278.6 - 1,341.7
Between one and two years 532.3 3.3 159.3 - - - 694.9
Between two and three years 475.8 3.4 164.1 - - - 643.3
Between three and four years 451.3 3.3 192.8 - - - 647.4
Between four and five years 454.5 3.5 278.6 - - - 736.6
In more than five years 1,094.9 11.4 1,310.8 - - - 2,417.1
Total borrowings 3,590.5 28.1 2,262.5 503.7 278.6 42.8 6,706.2
The maturity profile of borrowings as at 31 March 2025 is as follows:
IFRS 16 aircraft and engine lease liability IFRS 16 other lease liability JOLCO and FTL lease liability Unsecured debt Secured debt Loans from non-controlling interests Total
€ million € million € million € million € million € million € million
Payments due:
Within one month 42.8 0.3 11.4 0.6 - - 55.1
Between one and three months 95.7 0.6 26.3 - - - 122.6
Between three months and one year 463.7 2.6 101.7 500.3 271.9 - 1,340.2
Between one and two years 558.5 3.1 143.9 - - - 705.5
Between two and three years 480.0 3.3 148.1 - - - 631.4
Between three and four years 433.8 3.3 152.6 - - - 589.7
Between four and five years 426.5 3.3 281.9 - - - 711.7
In more than five years 1,140.6 13.0 1,264.8 - - 13.9 2,432.3
Total borrowings 3,641.6 29.5 2,130.7 500.9 271.9 13.9 6,588.5
17. Deferred income
30 Sep 2025 31 Mar 2025
€ million € million
Non-current liabilities
Deferred income 180.7 166.5
Current liabilities
Unearned revenue 698.2 1,003.5
Other 69.0 9.8
767.2 1,013.3
Total deferred income 947.9 1,179.8
Non-current deferred income represents the value of benefit for the Group
coming from credits and free aircraft components received from manufacturers
and component suppliers, which will be recognised as a credit (a decrease to
aircraft-related expenses) over the useful life of the respective asset.
Current portion of other deferred income mainly relates to other incentives
and compensations from manufacturers.
Current deferred income represents contract liabilities for tickets paid
by passengers for which the flight service is yet to be performed ("unearned
revenue"), the value of membership fees paid but not yet recognised, the
current part of the value of supplier credits received and credits provided to
passengers with no cash conversion option in the amount of €10.8 million
(at 31 March 2025: €32.5 million). Unearned revenue decreased primarily
due to seasonality having lower volume of bookings than before summer season.
These contract liabilities (unearned revenue) of €698.2 million at 30
September 2025 (at 31 March 2025: €1,003.5 million) will become revenue
during the upcoming twelve months (subject to further cancellations that might
happen after the period end).
18. Capital commitments
At 30 September 2025 the Group had the following capital commitments:
▶A commitment to purchase 281 Airbus aircraft of the A320 family in the
period 2025-2030. The total commitment is valued at US$43.3 billion (€36.8
billion) based on list prices last published in 2018 and escalated annually
until the reporting date based on contract terms (31 March 2025: US$46.2
billion (€42.6 billion) to purchase 300 Airbus aircraft of the A320 family
in the period 2025-2030). As of 31 October 2025, out of the 281
aircraft, 7 had already been delivered and 21 are scheduled for delivery in
H2 FY26. Financing already contracted for all this deliveries. The Group uses
various financing arrangements in order to finance aircraft including Sale and
Leaseback, Japanese Operating Lease with Call Option (JOLCO), French Tax
Lease (FTL) and Finance Lease (FL) structures. In addition, Original Equipment
Manufacturer (OEM) backstop financing may also be available, supplemented by a
partial self-contribution.
▶A commitment to purchase 61 IAE "neo" (GTF) spare engines anticipated in
the period of 2025-2028. The total commitment is valued at US$1.4 billion
(€1.2 billion) based on US$ list prices in 2025. These capital commitments
with IAE have been signed in the first half year of FY26. No outstanding
delivery pending from the earlier spare engine commitments (31 March 2025:
US$22.3 million (€20.6 million) to purchase one spare engine which was
delivered at 9 May 2025). As of 31 October 2025, 16 engine deliveries are
projected for the second half of FY26. The Group may consider entering
into external financing arrangements for certain engines.
▶A commitment to purchase three full-flight simulators. The outstanding
commitment is €3.2 million as at 30 September 2025.
19. Contingent liabilities
The Group has certain contingent liabilities in relation to European
Commission state aid investigations. These matters were explained in Note 33
in the 2025 Annual Report and Accounts of the Group. Since then, the
investigation between Wizz Air and Târgu Mureş airport was closed with no
finding of illegal state aid. There have been no other significant
developments in the cases.
The Group also has contingent liabilities regarding
employee personal income taxes in certain jurisdictions.
No provision has been made by the Group in relation to these cases because
there is currently no reason to believe that the Group will
incur material charges from these cases.
20. Subsequent events
The Group finalised an amendment to its aircraft purchase agreement to defer
88 deliveries originally scheduled to deliver by fiscal year 2030 to be
delivered by fiscal year 2033 and reduce the commitment for A321XLRs
purchases from 47 to 11 (including the 5 units already delivered), with the
commitment for 36 A321XLRs converted to a commitment for 36 A321neos.
In addition, to further manage short-term capacity growth, in November 2025
the Group concluded an agreement to immediately sell three A321neo aircraft to
an aircraft lessor for onwards leasing to a related airline.
In November 2025, the Group rolled over its EU emissions trading scheme
credits repurchase agreement (Note 16) with a new balance of €325.3
million. The inventory must be repurchased from the counterparty by September
2027.
21. Related parties
The Group has related party relationships with Indigo Hungary LP and Indigo
Maple Hill LP (collectively referred to as "Indigo" here) and its key
management personnel (Directors and Officers).
There were no related party transactions in the period ended 30 September
2025 that materially affected the financial position or the performance of
the Group during that period and there were no changes to the related party
positions described in the 2025 Annual Report and Accounts that could have a
material effect on the financial position or performance of the Group in the
same period.
The Group has contracted with companies that are related to the CEO. The total
paid for such goods and services in H1 F26 was €1.9 million (H1 F25:
€1.4 million). The main service purchased was to provide machine learning
capabilities with regards to ticket and ancillary sales. The amount paid for
this service in H1 F26 was €1.8 million (H1 F25: €1.3 million), which
in the judgment of the Board was not material. On 30 September 2025, the
outstanding amount payable to the related party was €0.8 million (31 March
2025: €0.7 million).
The CEO participates in the voluntary pension scheme, which was introduced for
the wider workforce in F26.
22. Seasonality of operations
The Group's results of operations, like those of most other airlines in
Europe, vary significantly from quarter to quarter within the financial year.
Historically, the Group has had higher passenger revenue during the summer
season in comparison to the winter season (with the exception of the periods
around Christmas, New Year and Easter) as this is the period during which many
Europeans tend to take their annual holiday. Flight frequency, load factor and
average ticket prices all tend to be higher during such peak periods compared
to other periods of the year.
Statement of Directors' responsibilities
The directors confirm that these condensed consolidated interim financial
statements have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as adopted by the European
Union and the Disclosure Guidance and Transparency Rules sourcebook of the
United Kingdom's Financial Conduct Authority and that the interim management
report includes a fair review of the information required by DTR 4.2.7 and DTR
4.2.8, namely:
▶an indication of important events that have occurred during the six months
ended 30 September 2025 and their impact on the
condensed consolidated financial statements, and a description of the
principal risks and uncertainties for the remaining six months of the
financial year; and
▶material related party transactions in the six months ended 30 September
2025 and any material changes in the related party transactions described in
the 2025 Annual Report and Accounts of the Group.
The Directors of Wizz Air Holdings Plc are listed in the 2025 Annual Report
and Accounts of the Group. A list of current Directors is maintained on the
Wizz Air Holdings Plc website: wizzair.com.
This Interim Financial Report was approved by the Board of Directors and
authorised for issue on 13 November 2025 and signed on its behalf by:
József Váradi
Chief Executive Officer
13 November 2025
Independent review report to Wizz Air Holdings Plc
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed Wizz Air Holdings Plc's condensed consolidated interim
financial statements (the "interim financial statements") in the Interim
Financial Report of Wizz Air Holdings Plc for the 6 month period ended 30
September 2025 (the "period").
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with International Accounting Standard 34,
'Interim Financial Reporting' as adopted by the European Union and the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority.
The interim financial statements comprise:
▶the Condensed consolidated interim statement of financial position as
at 30 September 2025;
▶the Condensed consolidated interim statement of comprehensive income for
the period then ended;
▶the Condensed consolidated interim statement of cash flows for the period
then ended;
▶the Condensed consolidated interim statement of changes in equity for the
period then ended; and
▶the explanatory notes to the interim financial statements.
The interim financial statements included in the Interim Financial Report of
Wizz Air Holdings Plc have been prepared in accordance with International
Accounting Standard 34, 'Interim Financial Reporting' as adopted by the
European Union and the Disclosure Guidance and Transparency Rules sourcebook
of the United Kingdom's Financial Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
We have read the other information contained in the Interim Financial Report
and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on the review
procedures performed in accordance with ISRE (UK) 2410. However, future events
or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The Interim Financial Report, including the interim financial statements, is
the responsibility of, and has been approved by the directors. The directors
are responsible for preparing the Interim Financial Report in accordance with
the Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority. In preparing the Interim Financial
Report, including the interim financial statements, the directors are
responsible for assessing the group's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the group or to cease operations, or have no realistic alternative
but to do so.
Our responsibility is to express a conclusion on the interim financial
statements in the Interim Financial Report based on our review. Our
conclusion, including our Conclusions relating to going concern, is based on
procedures that are less extensive than audit procedures, as described in the
Basis for conclusion paragraph of this report. This report, including the
conclusion, has been prepared for and only for the company for the purpose of
complying with the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority and for no other purpose. We
do not, in giving this conclusion, accept or assume responsibility for any
other purpose or to any other person to whom this report is shown or into
whose hands it may come save where expressly agreed by our prior consent in
writing.
PricewaterhouseCoopers LLP
Chartered Accountants
London
13 November 2025
OTHER INFORMATION
1. Alternative performance measures (unaudited)
Alternative performance measures are non-IFRS standard performance measures
aiming to introduce the Company's performance in line with management's
requirements. The existing presentation is considered relevant for the users
of the financial statements because: (i) it mirrors disclosures presented
outside of the financial statements; and (ii) it is regularly reviewed by the
senior management team of the Goup for evaluating the financial performance of
its single operating segment.
Ancillary revenue: generated revenue from ancillaries (including other
ancillary revenue related items). Rationale - Key financial indicator for the
separation of different revenue lines.
Average capital employed: average capital employed is the sum of the annual
average equity and interest-bearing borrowings (including convertible debt),
less annual average cash and cash equivalents, and short-term cash deposits.
Rationale - This key financial indicator is integral for evaluating the
profitability and effectiveness of capital utilisation.
Calculation: average equity + Interest-bearing borrowings (including
convertible debt) - Cash and cash equivalents - short-term cash deposits.
Earnings before interest, tax, depreciation and amortisation (EBITDA): EBITDA
represents the profit or loss before accounting for net financing costs or
gains, income tax expenses or credits, and depreciation and amortisation.
Rationale - This measure serves as a key financial indicator for the Company,
providing insights into operational profitability.
Calculation: operating profit/(loss) + depreciation and amortisation.
EBITDA margin %: EBITDA margin % is computed by dividing EBITDA by total
revenue in millions of Euros.
Rationale - This metric presents EBITDA as a percentage of total net revenue
and offers valuable financial insights for the Company's performance
assessment.
Calculation: EBITDA / Total revenue (€ million) * 100.
Six months ended 30 Sep 2025 Six months ended 30 Sep 2024
€ million € million
Operating profit 439.2 349.2
Depreciation and amortisation 542.1 476.8
EBITDA 981.3 826.0
Total revenue 3,342.1 3,066.1
EBITDA margin (%) 29.4% 26.9%
Leverage ratio: 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.
30 Sep 2025 30 Sep 2024
€ million € million
Non-current liabilities
Borrowings 5,139.3 5,662.9
Convertible debt 25.2 25.2
Current liabilities
Borrowings 1,566.9 841.0
Convertible debt 0.3 0.3
Current assets
Cash and cash equivalents 983.4 460.3
Short-term cash deposits 915.5 1,306.1
Net debt 4,832.8 4,763.0
Additional data to calculate leverage ratio
EBITDA for the 6 months ended 30 September 981.3 826.0
EBITDA for the 6 months ended 31 March 308.4 314.9
Total EBITDA for the rolling 12 months 1,289.7 1,140.9
Leverage ratio 3.7 4.2
Liquidity: 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.
30 Sep 2025 30 Sep 2024
€ million € million
Cash and cash equivalents 983.4 460.3
Short-term cash deposits 915.5 1,306.1
Additional data to calculate liquidity
Total revenue for the 6 months ended 30 September 3,342.1 3,066.1
Total revenue for the 6 months ended 31 March 2,201.7 2,020.8
Total revenue for the rolling 12 months 5,543.8 5,086.9
Liquidity 34.3% 34.7%
Net debt: net debt is defined as interest-bearing borrowings (including
convertible debt) less cash and cash equivalents. Rationale - plays a pivotal
role as a key financial indicator, offering valuable information regarding the
Group's financial liquidity and leverage position.
Calculation: please see the table below.
30 Sep 2025 31 March 2025
€ million € million
Non-current liabilities
Borrowings 5,139.3 5,070.6
Convertible debt 25.2 25.2
Current liabilities
Borrowings 1,566.9 1,517.9
Convertible debt 0.3 0.3
Current assets
Cash and cash equivalents 983.4 597.5
Short-term cash deposits 915.5 1,060.2
Net debt 4,832.8 4,956.3
Passenger ticket revenue: generated revenue from ticket sales (including other
ticket revenue related items). Rationale - Key financial indicator for the
separation of different revenue lines.
Return on capital employed (ROCE): operating profit or loss before tax divided
by average capital employed, expressed as a percentage. Rationale - ROCE is a
key financial indicator that facilitates an assessment of the Group's
profitability and the efficiency of capital utilisation.
Calculation: please see the range below.
30 Sep 2025 30 Sep 2024
€ million € million
Additional data to calculate ROCE
Operating profit for the 6 months ended 30 September 439.3 349.1
Operating loss for the 6 months ended 31 March (181.7) (85.1)
Total operating profit for the rolling 12 months 257.6 264.0
Average Shareholders' equity 530.8 296.8
Average borrowings and convertible debt 6,630.5 6,050.2
Average cash and cash equivalents (721.9) (796.3)
Average short-term cash deposits (1,110.9) (953.3)
Average capital employed 5,328.6 4,597.4
ROCE (%) 4.8% 5.7%
Total cash: non-statutory financial performance measure and comprises/is
calculated from cash and cash equivalents, short-term cash deposits and total
current and non-current restricted cash. Rationale - This key financial
indicator offers a comprehensive view of the Group's cash position and
financial stability.
Calculation: please see the table below.
30 Sep 2025 31 March 2025
€ million € million
Non-current assets
Restricted cash 32.8 36.3
Current assets
Restricted cash 53.1 42.0
Short-term cash deposits 915.5 1,060.2
Cash and cash equivalents 983.4 597.5
Total cash 1,984.8 1,736.0
Total revenue: total ticket and ancillary revenue for the given period. The
split of total revenue presented in the condensed consolidated interim
statement of comprehensive income. Rationale - Key financial indicator for the
Company.
2. Glossary of terms
Aircraft utilisation / utilisation: the number of hours of one aircraft is in
operation on one day. Rationale - Key performance indicator in aviation
business, measurement for one day aircraft productivity.
Calculation (for one month): monthly aircraft utilisation equals total block
hours divided by number of days in the month divided by the equivalent
aircraft number divided by 24 hours. Calculation (for a longer period than one
month): the given period aircraft utilisation equals with the weighted average
of monthly aircraft utilisation based on the month-end fleet counts.
Ancillary revenue per passenger: ancillary revenue divided by the number of
passengers (PAX) in the given period, which gives the ancillary performance
per one passenger. Rationale - Key performance indicator for revenue
performance measurement.
Calculation: ancillary revenue / PAX.
Available seat kilometres (ASK) / total ASKs: the number of seats available
for scheduled passengers multiplied by the number of kilometres those seats
were flown. Rationale - Key performance indicator for capacity measurement.
Calculation: seats on aircraft x stage length.
Average aircraft stage length (km): average distance that an aircraft flies
between the departure and arrival airport. Rationale - Key performance
indicator for measurement of capacity and productivity.
Calculation: average stage length of the revenue sectors in the given period
(ASKs / capacity).
Average departures per aircraft per day: the number of departures one
aircraft performs in a day in the given period. Rationale - Key performance
indicator for revenue generation / utilisation of assets.
Calculation: total number of revenue sectors per number of days (in the given
period) per equivalent aircraft number.
CASK (total unit cost): total cost per ASK, where cost is defined as operating
expenses and financial expenses net of financial income. Rationale - Key
performance indicator for divisional cost control.
Calculation: total operating expenses + financial income + financial expenses
/ total of ASKs (km) x 100.
Completion factor or rate: per cent of operated flights compared to the
scheduled flights. Rationale - Key performance indicator for commercial
planning and controlling, measurement for operational performance.
Calculation: number of operated flights / by scheduled flights.
Equivalent aircraft or average aircraft count: the average number of aircraft
available to Wizz Air within a period. The count includes spare aircraft,
aircraft under maintenance and parked aircraft. Rationale - Key performance
indicator in aviation business for the measurement of average aircraft
available for flying and capacity.
Calculation (for one month): average from the daily fleet count in a given
month which includes/excludes deliveries and redeliveries. Calculation (for a
longer period than one month): weighted average of the monthly equivalent
aircraft numbers based on the number of days in the given period.
Equivalent operating aircraft or average operating aircraft count: the average
number of operating aircraft available to Wizz Air within a period. The count
includes all aircraft except those parked. Rationale - Key performance
indicator in aviation business for the measurement of average fleet and
capacity.
Calculation (for one month): average from the daily operating fleet count in
the given month which includes/excludes deliveries and redeliveries.
Calculation (for a longer period than one month): weighted average of the
monthly equivalent operating aircraft numbers based on the number of days in
the given period.
Ex-fuel CASK (ex-fuel unit costs): this measure is computed by dividing the
total ex-fuel cost by the total ASKs within a given timeframe. Ex-fuel CASK
defines the unit ex-fuel cost for each kilometre flown per seat in Wizz Air's
fleet. Note that: total ex-fuel cost consists of total operating expenses and
net cost from financial income and expense but does not contain fuel costs.
Rationale - It serves as an essential performance indicator for overseeing
divisional cost control. The rationale for employing this metric is rooted in
its ability to gauge and manage non-fuel operating expenses effectively.
Calculation: total ex-fuel cost (euro)/total of ASKs (km) x 100.
Foreign exchange rate: average foreign exchange rate, plus any hedge deal for
the given period, calculated with a weighted average method. Rationale - Key
performance indicator for fuel control and treasury teams.
Fuel CASK (fuel unit cost): this metric is calculated by dividing the total
fuel costs (plus additional fuel consumption related costs) by the sum of
Available Seat Kilometres (ASKs) during a specific reporting period. Rationale
- Fuel CASK provides an insightful unit fuel cost measurement, representing
the cost incurred for flying one kilometre per seat within Wizz Air's fleet.
The rationale behind the use of this measure lies in its effectiveness as a
critical performance indicator for the control and management of fuel
expenses.
Calculation: total fuel cost (EUR) / total of ASKs (km) x 100.
Fuel price (average US$ per tonne): average fuel price within in a
period, calculated as fuel cost (including other fuel cost related items)
divided by the consumption. Rationale - Key performance indicator for fuel
cost controlling.
Gauge: the average seat capacity per aircraft.
JOLCO (Japanese Tax Lease) and French Tax Lease: special forms of structured
asset financing, involving local tax benefits for Japanese and French
investors, respectively. Rationale -These measures are employed to encapsulate
specific lease contracts that facilitate enhanced cash utilisation strategies.
Load factor (%): the number of seats sold (PAX) divided by the number of seats
available on the aircraft (capacity). Rationale - Key performance indicator
for commercial and revenue controlling.
Calculation: the number of seats sold, divided by the number of seats
available.
Net fare (total revenue per passenger): average revenue per one passenger
calculated by total revenue divided by the number of passengers (PAX) during a
specified period. Rationale - This metric is a crucial performance indicator
for commercial control, offering insights into the overall revenue generated
per passenger.
Calculation: total revenue / PAX.
Operating aircraft utilisation: the number of hours that one operating
aircraft is in operation on one day. Rationale - Key performance indicator in
aviation business, measurement for one-day aircraft productivity.
Calculation (for one month): average daily operating aircraft utilisation in a
month equals total monthly block hours divided by number of days in the month
divided by the equivalent operating aircraft number divided by 24 hours.
Calculation (for a longer period than one month): the given period operating
aircraft utilisation equals the weighted average of monthly operating aircraft
utilisation based on the month-end operating aircraft counts.
Passengers (alternative names: passengers carried, PAX): passengers who
bought a ticket (thus making revenue for the Company) for a revenue sector.
Rationale - Key performance indicator for commercial controlling team.
Calculation: sum of number of passengers of all revenue sectors.
PDP: PDP refers to the pre-delivery payments made under the Group's aircraft
purchase agreements. These payments signify contractual commitments designed
to support fleet expansion and growth.
Period-end fleet size or number of aircraft at end of period: the number of
aircraft that Wizz Air has in its fleet and that are leased or owned at the
end of the given period. The count contains spare and aircraft under
maintenance as well. Rationale - Key performance indicator in aviation
business for the measurement of fleet.
Calculation: sum of aircraft at the end of the given period.
Period-end operating aircraft: the number of operating aircraft that Wizz Air
has in its fleet and that are leased and/or owned at the end of the given
period. The count includes all aircraft except those parked. Rationale - Key
performance indicator in aviation business for the measurement of operating
aircraft at a period end.
Calculation: sum of operating aircraft at the end of the given period.
RASK: RASK is determined by dividing the total revenue by the total ASK. This
measure characterises the unit net revenue performance for each kilometre
flown per seat within Wizz Air's fleet. Rationale - It serves as a pivotal
performance indicator for commercial control, providing insights into the
revenue generation efficiency.
Calculation: total revenue (euro) / total of ASKs (km) x 100.
Revenue departures or sectors: flight between departure and arrival airport
where Wizz Air generates revenue from ticket sales. Rationale - Key
performance indicator in revenue generation controlling.
Calculation: sum of departures of all sectors.
Revenue passenger kilometres (RPK): the number of seat kilometres flown by
passengers who paid for their tickets. Rationale - Key performance indicator
for revenue measurement.
Calculation: number of passengers x stage length.
Seat capacity / capacity: the total number of available (flown) seats on
aircraft for Wizz Air within a given period (revenue sectors only). Rationale
- Key performance indicator for capacity measurement.
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.
Ticket revenue per passenger: passenger ticket revenue divided by the number
of passengers (PAX) in the given period. Rationale - Key performance indicator
for measurement of revenue performance.
Calculation: passenger ticket revenue / PAX.
Total block hours: each hour from the moment an aircraft's brakes are released
at the departure airport's parking place for the purpose of starting a flight
until the moment the aircraft's brakes are applied at the arrival airport's
parking place. Rationale - Key performance indicator in aviation business,
measurement for aircraft's block hours.
Calculation: sum of block hours of all sectors (in the given period).
Total flight hours: each hour from the moment the aircraft takes off from the
runway for the purposes of flight until the moment the aircraft lands at the
runway of the arrival airport. Rationale - Key performance indicator in the
airline business for the measurement of capacity and flown flight hours by
aircraft.
Calculation: sum of flight hours of all sectors (in the given period).
Yield: represents the total revenue generated per Revenue Passenger Kilometre
(RPK). Rationale - This measure is integral for assessing and controlling
commercial performance by quantifying the revenue derived from each kilometer
flown by paying passengers.
Calculation: total revenue / RPK.
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