REG - Wizz Air Holdings - Q1 F26 Results
Thu 07:00
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RNS Number : 3236S Wizz Air Holdings PLC 24 July 2025
WIZZ AIR HOLDINGS PLC - RESULTS FOR THE THREE MONTHS TO 30 JUNE 2025
SHARPENING FOCUS THROUGH THIS YEAR
LSE: WIZZ
Geneva, 24 July 2025: Wizz Air Holdings Plc ("Wizz Air", "the Company" or
"the Group"), one of the most sustainable European airlines, today issues
unaudited results for the three months to 30 June 2025 ("first quarter",
"Q1" or "Q1 F26").
For the three months ended 30 June 2025 2024 Change
Period-end fleet size (1) 236 218 8.3%
ASKs (million km) 32,401 29,179 11.0%
Load factor (%) 91.1 91.0 0.0ppt
Passengers carried (million) 17.0 15.3 10.6%
Total revenue (€ million) 1,428.2 1,259.3 13.4%
EBITDA (€ million)(1) 300.2 274.6 9.3%
EBITDA Margin (%)(1) 21.0 21.8 (0.8)ppt
Operating profit for the period (€ million) 27.5 44.6 (38.3)%
Net profit for the period (€ million) 38.4 1.2 3109.3%
RASK (€ cent) 4.41 4.32 2.1%
Total CASK (€ cent) 4.46 4.30 3.8%
Fuel CASK (€ cent) 1.35 1.58 (14.2)%
Ex-fuel CASK (€ cent) 3.11 2.72 14.2%
Total cash (€ million)(2,3) 1,964.8 1,736.0 13.2%
Net debt (€ million)(2,4) 4,705.4 4,956.3 (5.1)%
(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 June 2025: €1,097.6 million; 31 March 2025:
€597.5 million), short-term cash deposits (30 June 2025:
€807.7 million; 31 March 2025: 1,060.2) and total current and non-current
restricted cash (30 June 2025: €59.5 million; 31 March 2025:
€78.3 million).
(4) Comparative figure is net debt balance as at 31 March 2025.
HIGHLIGHTS
▶ ASK capacity 11.0 per cent higher in Q1 F26 vs last year.
▶ Carried 17.0 million passengers in Q1 F26 (vs 15.3 million
in Q1 F24), with a load factor of 91.1 per cent.
▶ Total unit revenue (RASK) increased by 2.1 per cent to
€4.41 cents with ticket RASK up by 2.5 per cent to €2.47 cents and
ancillary RASK up by 1.6 per cent to €1.94 cents yoy.
▶ EBITDA increased by 9.3 per cent to €300.2 million, with
margin expansion to 21.0 per cent.
▶ Operating profit down to €27.5 million (vs €44.6 million
in Q1 F25), impacted by higher airport, handling and en-route charges as well
as depreciation costs and GTF engine-related groundings.
▶ Net profit increased to €38.4 million, impacted by unrealised
foreign exchange tailwind yoy.
▶ Total cash balance increased by 13.2 per cent vs end of
March 2025, to €1,964.8 million and net debt declined by 5.1% per cent to
€4,705.4 million, and leverage ratio falling to 4.1x.
▶ GTF engine inspections: 41 aircraft were grounded at the end of
June 2025; this compared to 46 parked as at the end of June 2024.
▶ New agreement signed with Pratt & Whitney to select the
PW1100G-JM geared turbofan "(GTF") engine to power Wizz Air's 177 firm Airbus
A321neo aircraft on order alongside long-term maintenance service agreement
and ongoing support package to mitigate impact of groundings.
▶ Strategic realignment and focus on core markets announced on 14
July 2025 with suspension of Wizz Air Abu Dhabi operations.
József Váradi, Wizz Air Chief Executive Officer commented:
"We approach F26 with a clear vision of our strategy to focus our business on
markets that satisfy two important criteria. Firstly, to ensure we are
operating in so called environmentally benign operating environments and
secondly, in markets where we already have or will have market share. We
believe our core Central and Eastern European (CEE) markets satisfy both these
criteria. As such, we have developed initiatives that steer network design to
focus on these markets.
We announced the suspension of our Middle Eastern operations from September 1,
2025 onwards and are rationalizing our A321XLR program to ensure we have the
right fleet for the network design that delivers the strategy. We are
simultaneously pursuing all avenues to lift the fleet that is grounded due to
engine supply chain issues and retiring early as many A320 CEO family aircraft
as is feasible. This will require further modification to our aircraft
delivery schedules to reduce our growth rate to levels that support the demand
this revised network will require.
We continue to focus on operational performance with our completion rate back
to leadership standards and improvement in on-time performance. Our completion
rate was 99.15 per cent and our on time performance rate was 76.35 per cent,
which was notably up 8.7 ppts from last year.
This is the result of our continuous investment in technology, staff training
and infrastructure enhancements. We successfully operate almost 800 routes in
over 50 countries between 33 bases across Europe and the Middle East.
The well documented issues relating to Pratt & Whitney's GTF engines led
to 41 neo aircraft being grounded at the end of the quarter vs 46 aircraft
this quarter last year. However, notwithstanding Wizz Air
carried 17.0 million passengers over the three months ending June, up 10.6%
year-on-year and these results underline the sustained demand for our services
across Europe and our ability to offer the best value to our customers.
On current trading and the outlook, Mr Váradi added:
Our management team has demonstrated a high degree of adaptability in recent
years when faced by severe challenges, and this year will likely continue to
call on that strength as we refocus our business. We see this encompassing
some significant changes to our operations but with active execution and a
strong balance sheet to support this, I am excited by the long-term prospects
for the company."
Q2 OUTLOOK
The near-term outlook is summarised as follows:
▶ Capacity: Q2 ASKs high single digits YoY
▶ Load factor: Flat (from >2 ppt YoY previously);
▶ Q2 RASK: Flat YoY
▶ Q2 CASK: Fuel CASK: down high-single digits. Ex-fuel
unit trends expected to improve vs Q1
GTF ENGINE UPDATE
▶ As of 30 Jun 2025, Wizz Air had 41 aircraft on ground due
to GTF engine-related inspections. The average number of grounded aircraft for
F26 is estimated to be 35, with this comparing favourably to the 44 average
seen in the last fiscal year. (Note: our forecasts remain based on a 300-day
engine turnaround time, but future updates should reduce this).
▶ Over and above the tainted metal issue, Wizz Air's
operations have been impacted by the poorer than specified performance of the
GTF engine, with a significantly lower time on wing (TOW) before an inspection
is required. This has compounded the issue of MRO congestion. As such, Wizz
Air is carrying over twice the number of spare engines now than it would
normally expect and is contractually obliged to carry.
▶ Positive news on this front is that the selection agreement
signed with Pratt & Whitney in May will give Wizz Air access to additional
engines so as to accelerate the return to air of the grounded fleet, with this
expected now in F27.
FLEET UPDATE
▶ During Q1 F25 Wizz Air took delivery of 10 new A321neo
aircraft alongside with 1 new A321XLR aircraft and redelivered 6 A320ceo
aircraft, ending the period with a total fleet of 236 aircraft: 31x A320ceo,
41x A321ceo, 6x A320neo, 157x A321neo and 1 A321XLR.
▶ The average age of the fleet currently stands at 4.5
years, the youngest fleet among major European airlines, while the average
number of seats per aircraft has climbed to 228 as at June 2025.
▶ The share of new "neo" technology aircraft within Wizz
Air's fleet has increased to 69.5 per cent.
▶ As at 30 June 2025, Wizz Air's delivery backlog
comprises a firm order for 243x A321neo and 46x A321XLR aircraft, a total of
289 aircraft.
FINANCIAL UPDATE
▶ During the quarter Wizz Air continued to apply its jet fuel
and foreign currency hedging policy. As of 30 June 2025, Wizz Air has a hedge
coverage of 73 per cent for its jet fuel needs for F26 using mostly
zero-cost collars and jet fuel swaps at a blended price of 700/773 $/mT.
For F27, the coverage is 29 per cent at the price of 661/729 $/mT. The
jet fuel-related EUR/USD FX coverage stands at 70 per cent
for F26 at 1.09/1.13, while the coverage for F27, stands at 28 per cent
at 1.10/1.14 rates.
▶ The Group's credit rating was downgraded by Moody's
Investor Services on the 17th June 2025 from Ba2 to Ba1 keeping outlook
negative given the slower than expected recovery driven by the high level of
groundings from the GTF engine issue. Fitch downgraded Wizz Air's credit
rating on 9th July 2025 from BB+ to BB with stable outlook pointing to the
weaker operating performance in F25.
▶ The balance of EU emissions trading scheme credits
repurchase agreement remains unchanged, at €284.7 million. The inventory
must be repurchased from the counterparty by March 2026.
▶ Wizz Air continued to receive OEM compensation from
Pratt & Whitney related to the GTF engine issues and it is presented
within net other income/(expense) in the consolidated statement of
comprehensive income.
ESG UPDATE
▶ Rolling 12-month CO₂ emissions per passenger kilometer
declined to 51.7 grams, reflecting a 1.3% year-over-year improvement and
marking the lowest level among industry peers.
▶ In April, Wizz Air released Flying Towards Net Zero, its
aspirational transition plan focusing on the three pillars of flights, fuel
and footprint. This strategy outlines the ambition for decarbonization and
calls on stakeholders and regulators to join Wizz Air in ensuring the aviation
industry achieves net zero.
▶ Wizz Air was named the world's most emissions-efficient
airline by Cirium Flight Emissions Review ranking.
▶ Wizz Air won the title of Most Sustainable Low-Cost
Airline for the fifth consecutive year at the World Finance Sustainability
Awards 2025.
- Ends -
ABOUT WIZZ AIR
Wizz Air operates a fleet of 237 Airbus A320 and A321 aircraft. A team of
dedicated aviation professionals delivers superior service and very low fares,
making Wizz Air the preferred choice of 63.4 million passengers in FY2025.
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 recognised as the "Most Sustainable Low-Cost Airline"
between 2021-2025 and "Best Airline for Carbon Reduction" by World Finance
Sustainability Awards in 2024. Wizz Air also received "EMEA's Environmental
Sustainability Airline Group of the Year" by the CAPA-Centre for Aviation
Awards for Excellence 2024.
For more information:
Investors:
Mark Simpson, Wizz Air
Beata Szanto, Wizz Air
investor.relations@wizzair.com
Media:
Andras Rado, Wizz Air
communications@wizzair.com
James McFarlane / Eleni Menikou / Charles Hirst, MHP
Group 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.
Q1 FINANCIAL REVIEW
In the first quarter, Wizz Air carried 17.0 million passengers,
a 10.6 per cent increase compared to the same period in the previous year
and generated revenues of €1,428.2 million, 13.4% higher year-on-year.
These rates compare to capacity measured in terms of ASKs
being higher by 11.0%, and seats being higher by 10.6%. The load
factor increased by 0.1% to 91.1%. The reported net profit for
the first quarter was €38.4 million, compared to a net profit of
€1.2 million in the same period of F25.
Summary statement of comprehensive income (unaudited)
For the three months ended 30 June
2025 2024
€ million € million Change
Passenger ticket revenue 799.1 701.8 14%
Ancillary revenue 629.1 557.5 13%
Total revenue 1,428.2 1,259.3 13%
Staff costs (156.8) (137.0) 14%
Fuel costs (438.1) (459.9) (5)%
Distribution and marketing (37.2) (28.3) 31%
Maintenance, materials and repairs (110.8) (94.5) 17%
Airport, handling and en-route charges (383.7) (321.8) 19%
Depreciation and amortisation (272.7) (230.0) 19%
Other expenses* (99.0) (111.8) (11)%
Other income* 97.6 168.7 (42)%
Total operating expense (1,400.7) (1,214.7) 15%
Financial income 17.7 21.9 (19)%
Financial expenses (61.8) (60.8) 2%
Net (loss)/gain on derivative financial instruments (89.9) - n.m.*
Net foreign exchange gains/(losses) 154.5 (10.1) n.m.*
Net financing income/(expense) 20.5 (49.0) n.m.*
Profit/(loss) before income tax 48.0 (4.5) n.m.*
Income tax (expense)/ credit (9.6) 5.7 n.m.*
Net profit for the period 38.4 1.2 3109%
Net (loss)/profit for the period attributable to:
Non-controlling interest (0.9) (4.6) (81)%
Owners of Wizz Air Holdings Plc 39.3 5.8 581%
* The Group previously presented net other (income)/expense for F24 of
€56.9 million. To enhance the presentation this has been split to show other
expenses of €111.8 million and other income of €168.7 million separately
on the statement of comprehensive income. There was no impact on net income as
a result of this change in presentation.
** n.m.: not meaningful as a variance is more than (-)100 per cent.
Revenue
Passenger ticket revenue increased by 13.9% to €799.1 million and
ancillary (or "non-ticket" revenue) increased by 12.8% to
€629.1 million year on year, with a 11.0% higher operated capacity in
terms of ASKs and a slightly improved load factor (increased by 0.1%),
reflecting management action in balancing passenger volumes and yield
progression. Total revenue per ASK (RASK) increased by 2.1% to
€4.41 cents from €4.32 cents, with ticket RASK up by 2.5 per cent to
€2.47 cents and ancillary RASK up by 1.6 per cent to €1.94 cents
year-over-year.
Operating expenses
Operating expenses for Q1 F26 increased by 15.3% to €1,400.7 million
from €1,214.7 million in Q1 F25 mainly due to the year-on-year capacity
and ex-fuel unit cost increase. The total cost per ASK
(CASK) increased by 3.8% to €4.46 cents in Q1 F26 from €4.30 Euro
cents in Q1 F25, driven by general inflation in staff, maintenance, airport,
handling and en-route cost was partly offset by savings on the discontinued
wet-leased aircraft operation.
Fix cost, such as Depreciation and Amortisation (and partially Maintenance as
well) are reflecting a growing fleet being underutilized due to the parking of
NEO aircrafts and redelivery costs associated with exiting CEO
aircraft. These cost increases meant to be offset by the Pratt & Whitney
compensation, recognised under Net other income/expense.
Staff costs increased by 14.5% to €156.8 million in Q1 F26, up from
€137.0 million in Q1 F25, reflecting cost-of-living adjustments to
salaries and growing headcount.
Fuel expenses decreased by 4.7% to €438.1 million in Q1 F26, from
€459.9 million in the same period of F25 despite the growth in capacity
as the average fuel price (including hedge impact) paid by Wizz Air
during Q1 F26 decreased by 13.1% compared to the same period of last
year.
Distribution and marketing costs increased by 31.3% to €37.2 million
in Q1 F26 from €28.3 million in Q1 F25 reflecting increased revenue
in the period.
Maintenance, materials and repair costs increased by 17.3% to
€110.8 million in Q1 F26 compared to €94.5 million in Q1 F25,
mainly due to the inflationary impact on line maintenance services as well as
on part purchases, repairs and the related pool contract. F25 Q1 maintenance
cost is further burdened with one-off engine repair costs due to foreign
object damages not covered fully by our insurance policy.
Airport, handling and en-route charges increased 19.2% to €383.7 million
in Q1 F26 versus €321.8 million in the same quarter of the prior fiscal
year due to the higher volume and general inflation.
Depreciation and amortisation charges increased by 18.6% in Q1 F26 to
€272.7 million, from €230.0 million in Q1 F25. The increase is related
to depreciation on the growing fleet combined with a significantly higher
number of engine overhaul events carried out and being depreciated, combined
with a 1.3% higher aircraft utilisation across the entire fleet (including
grounded aircraft), increasing to an average of 10:03 block hours per
aircraft for the first quarter.
Other expenses amounted to €99.0 million in Q1 F26, compared to an
expense of €111.8 million in the same period of last fiscal year. Among the
key drivers, flight disruption cost, including compensation paid to customers,
increased to €33.9 million in Q1 F26 from €25.9 million in Q1 F25, lease
expenses decreased to €11.0 million in Q1 F26 from €39.3 million in Q1 F25
due to discontinued wet lease operation, overhead-related expenses increased
to €29.7 million in Q1 F26 from €23.7 million in Q1 F25 and crew related
expenses increased to €20.4 million in Q1 F26 from €14.8 million in Q1
F25.
Other income amounted to €97.6 million in Q1 F26, compared to an income
of €168.7 million in the same period of last fiscal year which included
gains on sale and leaseback transactions and credits and compensation received
from suppliers.
Financial income amounted to €17.7 million in Q1 F26, compared to
€21.9 million in Q1 F25, driven by a significantly lower interest rate
realised on our otherwise higher in amount cash deposits in the period
of Q1 F26.
Financial expenses amounted to €61.8 million in Q1 F26 compared to
€60.8 million in Q1 F25, driven by the growing fleet size, the higher
interest rate environment and the PDP financing.
Net foreign exchange gain was €154.5 million in Q1 F26, compared to
a loss of €10.1 million in Q1 F25. This change is driven by the Euro
significantly strengthening against the US Dollar during Q1 F26, in contrast
to the previous year when the Euro weakened against the Dollar.
Income tax was a €9.6 million (Q1 F25: a credit of €5.7 million). The
impact on the P&L is primarily driven by changes in deferred taxes.
Net profit for the three months ended on 30 June
2025 was €38.4 million compared to a profit of €1.2 million in the
same period of the last year.
OTHER INFORMATION
1. Cash
Total cash and cash equivalents (including restricted cash and cash deposits
with more than 3 months maturity) at the end of the first quarter was
€1,964.8 million, of which €1,905.3 million is free cash. This
represents an increase of 13.2 per cent vs the past quarter.
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 Hedging
Policy will be rolled forward quarterly, 18 months out, with coverage levels
over time reaching indicatively between 65 to 85 per cent for the first
quarter of the hedging horizon and 15 to 35 per cent for the last quarter of
the hedging horizon. Hedging instruments are zero cost collars mostly but also
Jet Fuel swaps are used for shorter dated exposures. In line with the Hedging
Policy, Wizz Air also hedges its fuel consumption-related US Dollar exposure
in a similar fashion. Hedge coverages as of 30 June 2025 are set out below:
Fuel hedge coverage
F26 F27
Period covered 9 months 12 months*
Exposure in metric tonnes ('000) 1,608 2,096
Coverage in metric tonnes ('000) 1,175 610
Hedge coverage for the period 73% 29%
Weighted average ceiling $773 $729
Weighted average floor $700 $661
* As per rolling 18-months policy 9 months are covered in F26.
Foreign exchange hedge coverage
F26 F27
Period covered 9 months 12 months*
Exposure, jet fuel related (million) $1,062 $1,315
Hedge coverage (million) $748 $367
Hedge coverage for the period 70% 28%
Weighted average ceiling (EUR/USD) $1.13 $1.14
Weighted average floor (EUR/USD) $1.09 $1.10
* As per rolling 18-months policy 9 months are covered in F26.
Sensitivities
Pre-hedging, a $10 (per metric ton) movement in the price of jet fuel impacts
the F26 (9months) fuel costs by $16.1 million.
One cent movement in the EUR/USD exchange rate impacts the F26 (9months)
operating expenses by €15.2 million.
Balance sheet risk mitigation
Wizz Air is using USD cash and standard EUR USD cross currency swaps to
mitigate the profit & loss impact coming from balance sheet revaluation of
USD liabilities. As of 30 June 2025 we had c. $3.8bn USD lease liability, c.
$3.4bn across USD cash and cross currency swaps, therefore uncovered portion
was c.$0.4bn
3. Fully diluted share capital
The figure of 127,733,907 should be used for the Company's theoretical fully
diluted number of shares as at 30 June 2025. This figure comprises 103,398,253
issued ordinary shares and 24,246,715 new ordinary shares which would have
been issued if the full principal of outstanding convertible notes had been
fully converted on 30 June 2025 (excluding any ordinary shares that would be
issued in respect of accrued but unpaid interest on that date) and 88,939 new
ordinary shares which may be issued upon exercise of vested but unexercised
employee share options.
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), to be held on the 23 July 2025 the Company sent
a Restricted Share Notice to Non-Qualifying registered Shareholders, informing
them of the number of Ordinary Shares that will be treated as Restricted
Shares.
▶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 three months ended 30 June
2025 2024 Change
Capacity
Number of aircraft at end of period* 236 218 8.3%
Number of operating aircraft at end of period** 194 177 9.6%
Equivalent aircraft 233.0 210.2 10.8%
Equivalent operating aircraft** 189.0 169.2 11.7%
Utilisation (block hours per aircraft per day) 10:03 9:55 (17.1)%
Utilisation (block hours per operating aircraft per day)** 12:23 12:48 5.6%
Total block hours 213,148 197,052 8.2%
Total flight hours 185,343 171,017 8.4%
Revenue departures 82,712 76,971 7.5%
Average departures per day per aircraft 3.90 3.88 0.5%
Average departures per day per operating aircraft ** 4.81 5.00 (3.8)%
Seat capacity (m) 18.65 16.86 10.6%
Average aircraft stage length (km) 1,738 1,730 0.4%
Total ASKs (m km) 32,401 29,179 11.0%
Operating data
RPKs (m km) 29,353 26,700 9.9%
Load factor (%) 91.1% 91.0% 0.1%
Number of passenger segments (m) 16.98 15.35 10.6%
Fuel price (average $ per tonne, including SAF, hedging 714.5 821.8 (13.1)%
impact and into-plane premium)
Foreign exchange rate (average US$/€, including hedge impact) 1.117 1.085 2.9%
* Aircraft at end of period in Q1 F25 includes 38 grounded
aircraft due to GTF engine inspections and 3 aircraft in Ukraine.
** Operating aircraft figures in Q1 F25 exclude 38 grounded aircraft due to
GTF engine inspections and 3 aircraft in Ukraine.
6. Cost per available seat kilometers (CASK)
For the three months ended 30 June
2025 euro cents 2024 euro cents Change
Euro cents
Fuel costs 1.35 1.58 (14.2)%
Staff costs 0.48 0.47 3.1%
Distribution and marketing 0.11 0.10 18.3%
Maintenance, materials and repairs 0.34 0.32 5.6%
Airport, handling and en-route charges 1.18 1.10 7.4%
Depreciation and amortisation 0.84 0.79 6.8%
Other expenses 0.31 0.38 (20.3)%
Other income (0.30) (0.58) (47.9)%
Net financial income and expenses 0.14 0.13 2.1%
Total CASK 4.46 4.30 3.8%
Total ex-fuel CASK 3.11 2.72 14.2%
ADDITIONAL INFORMATION
1. Alternative performance measures (APMs)
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
Chief Operating Decision Maker 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.
For the three months ended 30 June 2025 2024
€ million € million
Operating profit 27.5 44.6
Depreciation and amortisation (272.7) (230.0)
EBITDA 300.2 274.6
Total revenue (€ million) 1,428.2 1,259.3
EBITDA Margin (%) 21.0% 21.8%
Leverage ratio: the leverage ratio is computed by dividing net debt by the
last twelve months' EBITDA. Rationale - It serves as a crucial key financial
indicator for the Group, facilitating an assessment of the organisation's
financial leverage and debt management.
Calculation: please see the table below.
30 June 2025 30 June 2024
€ million € million
Non-current liabilities
Borrowings 5,489.6 5,713.7
Convertible debt 25.2 25.3
Current liabilities
Borrowings 1,095.1 817.0
Convertible debt 0.8 0.8
Current assets
Short-term cash deposits 807.7 610.9
Cash and cash equivalents 1,097.6 1,117.4
Net debt 4,705.4 4,828.6
Additional data to calculate leverage ratio
EBITDA for the 9 months ended 31 March 859.8 956.3
EBITDA for the 3 months ended 30 June 300.2 274.6
Total EBITDA for the rolling 12 months 1,160.0 1,230.9
Leverage ratio 4.1 3.9
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 June 2025 30 June 2024
€ million € million
Cash and cash equivalents 1,097.6 1,117.4
Short-term cash deposits 807.7 610.9
Additional data to calculate liquidity
Total revenue for the 9 months ended 31 March 4,008.7 3,836.5
Total revenue for the 3 months ended 30 June 1,428.2 1,259.3
Total revenue for the rolling 12 months 5,436.9 5,095.8
Liquidity 35.0% 33.9%
Net debt: 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.
30 June 2025 31 March 2025
€ million € million
Non-current liabilities
Borrowings 5,489.6 5,070.6
Convertible debt 25.2 25.2
Current liabilities
Borrowings 1,095.1 1,517.9
Convertible debt 0.8 0.3
Current assets
Short-term cash deposits 807.7 1,060.2
Cash and cash equivalents 1,097.6 597.5
Net debt 4,705.4 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.
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 June 2025 31 March 2025
€ million € million
Non-current assets
Restricted cash 34.0 36.3
Current assets
Restricted cash 25.5 42.0
Short-term cash deposits 807.7 1,060.2
Cash and cash equivalents 1,097.6 597.5
Total cash 1,964.8 1,736.0
Total revenue: total ticket and ancillary revenue for the given period. The
split of total revenue presented in the consolidated statement of
comprehensive income. Rationale - Key financial indicator for the Company.
2. Glossary of terms
Aircraft utilisation/utilisation: the number of hours that one aircraft is in
operation on one day. Rationale - Key performance indicator in aviation
business, measurement for one-day aircraft productivity.
Calculation (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 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*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)*100.
Completion factor or rate: per cent of operated flights compared to scheduled
flights. Rationale - Key performance indicator for commercial planning and
controlling, measurement for operational performance.
Calculation: number of operated flights/number of scheduled flights.
Equivalent aircraft or average aircraft count: the average number of aircraft
available to Wizz Air within a period. The count contains 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 (EUR)/total of ASKs (km)*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 Controlling 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)*100.
Fuel price (average US$ per tonne): average fuel price within 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: 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 and/or owned at
the end of the given period. The count contains spare aircraft, aircraft under
maintenance and parked aircraft. 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 (EUR)/total of ASKs (km)*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*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 kilometre
flown by paying passengers.
Calculation: the total revenue/RPK.
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