REG - Wizz Air Holdings - Q3 F26 RESULTS
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RNS Number : 8164Q Wizz Air Holdings PLC 29 January 2026
WIZZ AIR HOLDINGS PLC - RESULTS FOR THE THREE MONTHS TO 31 DECEMBER 2025
Q3 F26 RESULTS:
FOCUSED WINTER CAPACITY DEPLOYMENT AMID FURTHER CEE NETWORK EXPANSION
LSE: WIZZ
Geneva, 29 January 2026: Wizz Air Holdings Plc ("Wizz Air", "the Company"
or "the Group"), Europe's most emissions-efficient airline(1), today issues
unaudited results for the three months to 31 December 2025 ("third quarter",
"Q3" or "Q3 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 annual report for the year ended 31
March 2025 and any public announcements made by Wizz Air Holdings
Plc during the interim reporting period.
(1) Cirium, an independent aviation analytics company, which benchmarks
global airline emissions intensity data has ranked Wizz Air as the airline
with the lowest CO(2) per RPK compared to other global airlines.
For the three months ended 31 December 2025 2024 Change
Period-end fleet size (1) 257 226 13.7%
ASKs (million km) 33,849 30,480 11.1%
Load factor (%) 89.8 90.3 (0.5) ppt
Passengers carried (million) 17.5 15.5 12.5%
Total revenue (€ million) 1,296.4 1,176.8 10.2%
EBITDA (€ million) (2) 176.2 157.1 12.2%
EBITDA Margin (%) (2) 13.6 13.3 0.2 ppt
Operating loss for the period (€ million) (123.9) (75.9) 63.3%
Net loss for the period (€ million) (139.3) (241.1) (42.2)%
RASK (€ cent) 3.83 3.86 (0.8)%
Total CASK (€ cent) 4.35 4.25 2.3%
Fuel CASK (€ cent) 1.40 1.37 2.7%
Ex-fuel CASK (€ cent) 2.94 2.88 2.1%
Total cash (€ million) (2,3) 1,984.8 1,736.0 14.3%
Net debt (€ million) (2,4) 5,196.0 4,956.3 4.8%
( )
( )
(1 )Aircraft at the 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 as at 31 March 2025. Total cash is a
non-statutory financial performance measure and comprises cash and cash
equivalents (31 December 2025: €659.7 million; 31 March 2025:
€597.5 million), short-term cash deposits (31 December 2025:
€1,243.7 million; 31 March 2025: €1,060.2 million) and total current
and non-current restricted cash (31 December 2025: €81.5 million; 31 March
2025: €78.3 million).
(4 )Comparative figure is net debt balance as at 31 March 2025.
HIGHLIGHTS
▶ASK capacity was 11.1 per cent higher in Q3 vs last year, with seats
at 13.1 per cent, a difference explained by the continuing effect of shorter
stage length during Q3.
▶Passengers carried increased by 12.5 per cent to 17.5 million in Q3
(vs 15.5 million last year), driving total revenue up by 10.2 per cent to
€1,296.4 million with a load factor of 89.8 per cent (vs 90.3 per cent
last year).
▶Total unit revenue (RASK) decreased by 0.8 per cent to €3.83 cents,
while ticket RASK increased by 0.2 per cent to €2.06 cents, and
ancillary decreased by 2.0 per cent to €1.77 cents.
▶Ex-fuel CASK increased by 2.1 per cent to €2.94 cents primarily due
to higher depreciation, airport and en-route charges.
▶Fuel CASK increased by 2.7 per cent at €1.40 cents as a result of
rising market price, higher emissions spend and SAF (Sustainable Aviation
Fuel) uplift.
▶Operating loss increased by €48.0 million, mainly driven by the
previously guided higher depreciation charge as maintenance on older CEO
aircraft is capitalized and depreciated ahead of maintenance event before they
exit the fleet.
▶Total cash increased by 24.1 per cent vs 31 March 2025 balance to
€1,984.8 million, and net debt increased by 4.8 per cent to
€5,196.0 million.
▶GTF engine inspections: continued progress, with 33 aircraft on ground as
of 31 December 2025 down from 40 at the end of December 2024.
▶CEE market share during Q3 reached 26 per cent (+1.6 percentage points vs
last year), maintaining our position as the largest CEE operator by seats.
▶The plans to re-enter Ukraine remain constantly updated and our aircraft
will be able to fly there within weeks of a ceasefire, security clearance and
airspace opening.
▶Wizz Air celebrated a significant milestone in January - it has flown 500
million passengers since the start of its operations.
József Váradi, Wizz Air Chief Executive Officer commented on business
developments in the period:
"We continue to execute the commercial strategy we outlined earlier this
fiscal year, focusing on fortifying our key bases and concentrating our
efforts on network design across Central & Eastern Europe, Italy and
London. This helps us to better manage RASK while allowing us to concentrate
on the ex-fuel cost lines that are most heavily impacted by the Pratt &
Whitney GTF engine-related disruptions affecting the Company for the past two
years.
Our operations have delivered strong reliability and punctuality, continuing
the trend from the summer. Commercially, we continued to invest into all our
existing markets, putting on sale new flights and announcing further aircraft
allocations for next summer.
During the period our fleet size surpassed 250 aircraft, we continue to
increase the share of NEO aircraft (nearly 75 per cent) in our fleet, as well
as seat density (now, an average of 230 seats per aircraft). We are steadily
recovering from the engine related aircraft grounding and in the next fiscal
year we are targeting to have an average of 20-25 aircraft on the ground due
to powered metal issues."
F26 OUTLOOK
"The ASK capacity for full F26 is expected to grow around 10 per cent over the
previous year. Based on a forward booking curve the bookings are currently
ahead of last year. The expectation is that load factor for F26 finishes north
of 91 per cent, similar as last year.
We see similar unit revenue trends we have seen at the start of last quarter
(Q3) and we are forecasting flat YoY unit revenue for F26. Total unit costs
for full F26 may see modest inflation vs last year as we forecast increased
navigation costs from higher Eurocontrol rates, maintenance costs due to
inflationary pressures, partly reflecting the uncertainty around Pratt &
Whitney's engine redeliveries from shop visits and higher depreciation costs
related to the retirement schedule of the A320ceo family."
▶Capacity (ASKs): F26 up around 10 per cent YoY (seats up 11-12 per cent
YoY);
▶Load factor: F26 flat YoY;
▶Revenue (RASK): F26 flat YoY;
▶Cost (CASK): F26 total CASK flat to up low-single digit YoY, ex-fuel CASK
up mid-single digit higher YoY, fuel CASK down mid-to-high single digits YoY;
▶Net income: expected to be in the range of +€25 to -€25 million
COMMERCIAL AND NETWORK UPDATE
Our CEE market share reached 26 per cent in Q3 (+1.6 percentage points vs last
year), maintaining our position as the largest CEE operator by seats. We
remain focused on strengthening CEE and we announced new flights from
Budapest, Debrecen, Vilnius, Kosice, Oradea, Cluj, Belgrade, Gdansk, Katowice,
Varna, Sofia and Yerevan. We also announced the re-opening of another Romanian
base in Targu Mures and increased the number of aircraft in Tirana and Warsaw
in preparation for next summer. Our strategic non-CEE bases in London, Rome
and Milan are also expected to grow as we record improving yield performance
in these markets.
Our ancillary product initiatives like 'All You Can Fly' continue to deliver
encouraging results and the Company launched a third phase with 10,000 new
annual memberships available for purchase at €499. Since the launch of the
initiative, subscribers have flown an average of nine times each per year.
In Q3 the overall customer satisfaction improved to 79.4 per cent
(+2.7 percentage points vs same period last year).
GTF ENGINE UPDATE
As of 31 December 2025, Wizz Air had 33 aircraft grounded due to GTF
engine-related inspections; reflecting a further improvement compared with the
end of calendar year 2024 when the grounded fleet comprised 40 aircraft.
Average groundings expected through to the end of F26 are in the range of
30-35 aircraft with this figure reducing to 20-25 by end of F27, based on a
forecasted 250-day engine turnaround time. The company continues to invest in
maintaining stable operations and is expecting a total spare engine fleet of
around 100 engines to support operations for the start of summer 2026.
FLEET UPDATE
▶In the three months ended 31 December 2025 Wizz Air took delivery of 16x
new A321neo aircraft (including 3x which were immediately sold to an aircraft
lessor for onwards leasing to a related airline), and 3x new A321neo XLRs.
During the same period 2x A320ceo aircraft were redelivered; ending the period
with a total fleet of 257 aircraft: 28x A320ceo, 41x A321ceo, 6x A320neo,
176x A321neo and 6x A321neo XLR.
▶Deliveries were financed using a combination of sale and leaseback and
JOLCO (Japanese Operating Lease with Call Option) transactions with lease
terms averaging nine years, before lease extension options.
▶The average age of the fleet currently stands at 4.5 years, making it the
youngest fleet of any major European airline, while the average number of
seats per aircraft climbed to 230 as at December 2025.
▶The share of new "neo" aircraft within Wizz Air's fleet has increased to 73
per cent.
▶As at 31 December 2025, Wizz Air's delivery backlog comprised a firm order
for 257x A321neo and 5x A321XLR aircraft, a total of 262 aircraft. The Company
continues discussions with partners to transfer upcoming 5x A321XLR deliveries
to another operator ahead of IATA summer season 2026.
▶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 3
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 256 271 273 299 334 361 384 382
FINANCIAL UPDATE
▶The Company's cash position at the end of December 2025 was
€1,984.8 million, a 14.3% per cent increase vs 31 March 2025. In
January 2026 the Company repaid its maturing €500 million bond, while
renewing its EMTN programme for another three years.
▶Net debt at 31 December 2025 was €5,196.0 million vs
€4,956.3 million at 31 March 2025, while the Company's leverage ratio (net
debt to EBITDA) decreased to 4.0x compared to 4.4x at F25 year-end. Over
the same period, liquidity ratio increased to 33.6 from 31.5 per cent.
▶As of 22 January 2026, using jet fuel zero-cost collars, Wizz Air has
accumulated hedge coverage of 83 per cent of its jet fuel needs for F26 at
a price of 681/749 $/mT. For F27 the coverage is 55 per cent at a price
of 650/716 $/mT, while for F28 the coverage is 7 per cent at a price
of 628/694 $/mT. The jet fuel-related EUR/USD FX coverage stands at 87 per
cent for F26 at 1.11/1.15 rates; for F27 it is at 59 per cent
at 1.14/1.18 rates, while the coverage for F28 is 5 per cent
at 1.18/1.21 rates. From beginning of F26 the Company has been hedging USD
currency exposure on its lease liabilities. As of 31 December 2025, Wizz Air
had 80 per cent of $4.3 billion USD lease liability hedged using a blend of
USD cash deposits, and cross currency swaps (average EUR/USD rate of 1.12).
▶The balance of the EU emissions trading scheme credits repurchase agreement
as at end of December 2025 was €282.1million (vs €271.9 million at the
end of F25).
▶Wizz Air continued to receive OEM compensation from Pratt & Whitney
related to the GTF engine issues.
ESG UPDATE
▶As of 31 December 2025, the 12 months rolling CO(2) emissions per
passenger kilometre was at 50.8g (vs 52.4g in the preceding 12 months), the
lowest among peers in the industry.
▶Wizz Air maintained a 'B' score in 2025 climate ranking by CDP, reaching
'management level'.
▶In November, an employee engagement survey was conducted with highest
recorded number of participants and an overall employee engagement score
increased to 7.5 (+0.5 points compared to the previous year).
▶During Q3 Wizz Air updated its All Employee Bonus Scheme, aligning it more
closely with Company's performance objectives. Where it was previously linked
to share price increase, the scheme will now follow the structure of
management's short-term incentive plan (STIP) and incorporate a balanced
scorecard that combines both financial and non-financial metrics. The new
scheme is already applicable in F26.
▶As of 31 December 2025 the share of Wizz Air issued share capital held by
Qualifying Nationals (i.e. European Economic Area nationals), was 36 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.
PEOPLE UPDATE
▶During Q3 Wizz Air announced following changes to senior leadership team,
effective from 1 February 2026:
▶Ian Malin is appointed as Chief Commercial Officer, assuming responsibility
for the Group's commercial functions and revenue generation.
▶Veronika Špaňárová is appointed as a Chief Financial Officer. Veronika,
a Czech national, will join Wizz Air following a 30-year international career
at Citi having worked in corporate and retail banking across a number of
countries.
▶Michael Delehant's role, currently Senior Chief Commercial and Operations
Officer, is renamed as Group Managing Director.
DETAILS OF RESULTS MEETING
Wizz Air's management will host an in-person presentation for analysts and
institutional investors at 09:30 GMT (10:30 CET) at MHP Group's offices, 60
Great Portland Street, London, W1W 7RT, on the day. For those who are unable
to attend the presentation in person, a live webcast will also be available.
Participants can register for the webcast here:
https://sparklive.lseg.com/WizzAirHoldings/events/3f832f8e-439d-4af5-96c4-e85ab5008d8e/wizz-air-f26-q3-results
- Ends -
ABOUT WIZZ AIR
Wizz Air operates a fleet of 259 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 our 2025
financial year. Wizz Air is listed on the London Stock Exchange under the
ticker WIZZ. Wizz Air has also been recognized as the "Most Sustainable
Low-Cost Airline" between 2021-2025 by World Finance Sustainability Awards. In
2025, Wizz Air topped the major airlines' emissions ranking, as presented by
Cirium, an aviation analytics company, thanks to its work reducing emissions
intensity. 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.
Q3 Financial review
In the third quarter, Wizz Air carried 17.5 million passengers,
a 12.5 per cent increase compared to the same period in the previous year
and generated revenues of €1,296.4 million, 10.2 per
cent higher year-on-year. ASK grew by 11.1 per cent year on year, while
seats increased by 13.1%, reflecting the shorter stage length flown. The
load factor decreased by 0.5ppt to 89.8%. The reported net loss for
the third quarter was €139.3 million, compared to a loss of
€241.1 million in the same period of F25.
Summary statement of comprehensive income (unaudited)
For the three months ended 31 December
2025 2024
€ million € million Change
Passenger ticket revenue(1) 696.9 626.2 11%
Ancillary revenue(1) 599.5 550.7 9%
Total revenue 1,296.4 1,176.8 10%
Staff costs (158.3) (141.5) 12%
Fuel costs (475.1) (416.7) 14%
Distribution and marketing (29.5) (28.1) 5%
Maintenance, materials and repairs (124.4) (105.4) 18%
Airport, handling and en-route charges (380.3) (312.2) 22%
Depreciation and amortisation (300.1) (232.9) 29%
Other expenses (71.8) (81.2) (12)%
Other income 119.2 65.3 83%
Total operating expenses (1,420.3) (1,252.7) 13%
Operating loss (123.9) (75.9) 63%
Financial income 17.7 21.5 (17)%
Financial expenses (68.5) (63.7) 7%
Net gain on derivative financial instruments 7.5 - n.m.
Net foreign exchange losses (8.8) (159.5) (94)%
Net financing expense (52.1) (201.7) (74)%
Loss before income tax (175.9) (277.6) (37)%
Income tax credit 36.6 36.5 -%
Loss for the period (139.3) (241.1) (42)%
Loss for the period attributable to:
Non-controlling interest 1.4 (3.2) (145)%
Owners of Wizz Air Holdings Plc (140.8) (237.9) (41)%
(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 11.3 per cent to €696.9 million
and ancillary revenue (or "non-ticket" revenue) increased by 8.9 per cent to
€599.5 million year on year, driven by volume.
Average revenue per passenger decreased to €74.23 during Q3 F26, which
was 2.1 per cent lower than Q3 F25. Average ticket revenue per
passenger decreased from €40.3 in Q3 F25 to €39.9 in Q3 F26, and
average ancillary revenue per passenger decreased from
€35.5 in Q3 F25 to €34.3 in Q3 F26, representing
a decrease of 3.2 per cent.
Our total revenue per ASK (RASK) decreased by 0.8 per cent to 3.83 Euro
cents from 3.86 Euro cents due load factor being lower by 0.5 ppt and yield
being 0.5% lower year on year.
Operating expenses
Operating expenses for Q3 F26 increased by 13.4 per cent to
€1,420.3 million from €1,252.7 million in Q3 F25 mainly due to
the 11.1 per cent higher year-on-year capacity. The total cost per ASK
(CASK) increased by 2.3 per cent to 4.35 Euro cents
in Q3 F26 from 4.25 Euro cents in Q3 F25, driven mainly by higher
depreciation, fuel, airport, and en-route charges on a unit cost basis. This
is partly offset by the compensation received from suppliers.
Staff costs increased by 11.9 per cent to €158.3 million in Q3 F26,
up from €141.5 million in Q3 F25, reflecting the increased headcount
due to the growing capacity and the cost-of-living adjustments to salaries
year on year.
Fuel expenses increased by 14.0 per cent to €475.1 million in Q3 F26,
from €416.7 million in the same period of F25. The average fuel price
(including hedge impact, EU ETS, and mandated SAF volumes) paid
during Q3 F26 increased by 6.1 per cent compared to the same period of
last year. Our fuel consumption efficiency improved due to the higher
proportion of NEO fleet. We note that €14m has been spent in Q3 F26 to
service our SAF related obligations included, which is included in our fuel
expenses.
Distribution and marketing costs increased by 5.0 per cent to
€29.5 million in Q3 F26 from €28.1 million in Q3 F25, driven by
higher sales and the marketing initiatives in Spain and Italy to boost
visibility in this region.
Maintenance, materials and repair costs increased by 18.0 per cent to
€124.4 million in Q3 F26 compared to €105.4 million in Q3 F25. The
increase was primarily driven by fleet growth, operating the older aircraft in
the fleet and end of lease events associated with the return of our CEO fleet
and annual price inflation.
Airport, handling and en-route charges increased 21.8 per cent to
€380.3 million in Q3 F26 versus €312.2 million in Q3 F25. This was
driven by a 12.5 per cent increase in departing passengers increasing Airport
costs. En-route costs increased due to higher flight volumes and significant
year on year price increases in key Eurocontrol areas.
Depreciation and amortisation charges increased by 28.9 per cent
in Q3 F26 to €300.1 million, from €232.9 million in Q3 F25. The
increase is a consequence of our growing NEO fleet as well as an increasing
number of CEO redeliveries which have high depreciation costs at the end of
the lease.
Other expenses amounted to €71.8 million in Q3 F26, compared to
€81.2 million in the same period of last fiscal year. Other
expenses decreased due to lower flight disruption costs in Q3 F26 compared
to Q3 F25 as a result of improved operational reliability and delivery.
Other income amounted to €119.2 million in Q3 F26, compared to
€65.3 million in Q3 F25. Other income increased due to more sale and
leaseback transactions completed (higher number of aircraft deliveries
in Q3 F26) as well as higher compensation received from our suppliers.
Financial income amounted to €17.7 million in Q3 F26, compared to
€21.5 million in Q3 F25. Despite holding higher cash in the quarter, our
average deposit rates in Q3 F26 of 3.6 per cent were lower than in Q3 F25 (5.0
per cent). This was due to a combination of weaker USD affecting income from
our USD deposits and as well as holding more cash in EUR in preparation to
repay the Eurobond maturing in January 2026.
Financial expenses amounted to €68.5 million in Q3 F26 compared to
€63.7 million in Q3 F25, driven by the increase in our fleet and lease
obligations.
Net foreign exchange loss was €8.8 million in Q3 F26, compared to
a loss of €(159.5) million in Q3 F25. The EUR weakened significantly
compared to the USD during Q3 F25, from 1.120 to 1.041. In Q3 F26 EUR was
relatively stable compared to the USD easing from $1.174 to $1.175.
Net gain on derivative financial instruments resulted in
€7.5 million gain due to the above mentioned slightly weaker EUR against
the US Dollar. There were no cross currency swap contracts in Q3 F25.
Income tax was a €36.6 million credit (Q3 F25: €36.5 million credit)
reflecting the reported negative profit before tax in the period. The same
level of tax credit is a result of the offsetting impact of the lower loss of
profit before tax for the current period and the higher effective tax rate
applicable at Group level due to the introduction of OECD Pillar 2 minimum
taxation.
Net profit for the nine months ended on 31 December 2025 was
€184.2 million compared to a profit of €74.2 million in the same
period of the last year.
Other information
1. Total cash
Total cash (including restricted cash and short-term cash deposits) at the end
of the third quarter was €1,984.8 million, of which over
€1,903.3 million is free 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 are rolled forward monthly, 18 months out, with coverage levels over
time reaching indicatively between 70 and 95 per cent for the first quarter of
the hedging horizon and between 20 and 45 per cent for the last quarter of the
hedging horizon. The hedging policy covers jet fuel and jet fuel-related
EUR/USD exposure. Hedge coverages at 22 January 2026 are as follows:
Fuel hedge coverage
F26 F27 F28
Period covered 3 months 12 months 12 months
Exposure in metric tonnes ('000) 462 2,272 2,486
Coverage in metric tonnes ('000) 384 1,244 165
Hedge coverage for the period 83% 55% 7%
Weighted average ceiling $749 $716 $694
Weighted average floor $681 $650 $628
Foreign exchange hedge coverage
F26 F27 F28
Period covered 3 months 12 months 12 months
Exposure in USD millions 328 1,533 1,648
Coverage in USD millions 286 909 90
Hedge coverage for the period 87% 59% 5%
Weighted average ceiling $1.1536 $1.1846 $1.2093
Weighted average floor $1.1089 $1.1390 $1.1826
Sensitivities
Pre-hedging, a $10 (per metric ton) movement in the price of jet fuel impacts
the Q4 F26 fuel costs by $4.6 million.
Pre-hedging, a one cent movement in the EUR/USD exchange rate impacts the
Q4 F26 operating expenses by €4.6 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 31 December 2025 we had c. $4.3bn USD lease
liability, c. $3.4bn across USD cash and cross currency swaps, leaving an
uncovered portion of c.$0.8bn.
3. Fully diluted share capital
The figure of 127,769,407 should be used for the Company's theoretical fully
diluted number of shares as at 31 December 2025. This figure comprises
103,423,031 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 31 December 2025 (excluding any ordinary shares
that would be issued in respect of accrued but unpaid interest on that date)
and 99,661 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 three months ended 31 December
2025 2024 Change
Capacity
Number of aircraft at end of period* 257 226 13.7%
Number of operating aircraft at end of period** 220 183 20.2%
Equivalent aircraft 249.4 224.5 11.1%
Equivalent operating aircraft** 209.4 181.8 15.2%
Utilisation (block hours per aircraft per day) 9:34 9:45 (1.6)%
Utilisation (block hours per operating aircraft per day)** 11:24 12:10 (6.3)%
Total block hours 219,931 203,675 8.0%
Total flight hours 191,522 177,129 8.1%
Revenue departures 84,909 77,636 9.4%
Average departures per day per aircraft 3.70 3.72 (0.5)%
Average departures per day per operating aircraft** 4.41 4.64 (5.0)%
Seat capacity 19,452,069 17,201,344 13.1%
Average aircraft stage length (km) 1,740 1,772 (1.8)%
Total ASKs ('000 km) 33,848,699 30,479,934 11.1%
Operating data
RPKs ('000 km) 30,430,060 27,485,776 10.7%
Load factor % 89.8% 90.3% (0.5)%
Number of passenger segments 17,464,595 15,527,765 12.5%
Fuel price (average US$ per tonne, including SAF, hedging impact and 909.0 857.0 6.1%
into-plane premium)
Foreign exchange rate (average US$/€, including hedge impact) 1.139 1.081 5.4%
Closing foreign exchange rate, US$/€ 1.174 1.041 12.8%
* Aircraft at end of period includes 3 aircraft in Ukraine.
** Equivalent operating aircraft excludes grounded aircraft. At
end of period Q3 F26 there were 33 grounded aircraft due to GTF engine
inspections and 3 grounded aircraft in Ukraine. At end of period
Q3 F25 there were 40 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 (CASK)
For the three months ended 31 December
2025 2024 Change
euro cents euro cents euro cents
Fuel costs 1.40 1.37 2.7%
Staff costs 0.47 0.46 0.8%
Distribution and marketing 0.09 0.09 (5.5)%
Maintenance, materials and repairs 0.37 0.35 6.3%
Airport, handling and en-route charges 1.12 1.02 9.7%
Depreciation and amortisation 0.89 0.76 16.0%
Other expenses 0.21 0.27 (20.3)%
Other income (0.35) (0.21) 64.4%
Net financial expenses* 0.15 0.14 8.2%
Total CASK 4.35 4.25 2.3%
Total ex-fuel CASK 2.94 2.88 2.1%
* Net financial expenses excluding net gain on derivative financial
instruments and net foreign exchange losses.
ADDITIONAL INFORMATION
1. Alternative performance measures
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 amortization.
Rationale - This measure serves as a key financial indicator for the Company,
providing insights into operational profitability.
Calculation: operating profit/(loss) + depreciation and amortization.
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.
Three months ended 31 Dec 2025 Three months ended 31 Dec 2024
€ million € million
Operating loss (123.9) (75.9)
Depreciation and amortisation (300.1) (232.9)
EBITDA 176.2 157.1
Total revenue (€ million) 1,296.4 1,176.8
EBITDA margin (%) 13.6% 13.3%
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 organization's
financial leverage and debt management.
Calculation: please see the table below.
31 Dec 2025 31 Dec 2024
€ million € million
Non-current liabilities
Borrowings 6,074.2 6,481.8
Convertible debt 25.2 25.5
Current liabilities
Borrowings 999.1 138.9
Convertible debt 0.8 0.5
Current assets
Short-term cash deposits 1,243.7 1,024.1
Cash and cash equivalents 659.7 481.9
Net debt 5,196.0 5,140.8
Additional data to calculate leverage ratio
EBITDA for the 9 months ended 30 September 1,132.7 1,122.2
EBITDA for the 3 months ended 31 December 176.2 157.1
Total EBITDA for the rolling 12 months 1,308.9 1,279.3
Leverage ratio 4.0 4.0
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.
31 Dec 2025 31 Dec 2024
€ million € million
Cash and cash equivalents 659.7 481.9
Short-term cash deposits 1,243.7 1,024.1
Additional data to calculate liquidity
Total revenue for the 9 months ended 30 September 4,367.0 4,019.2
Total revenue for the 3 months ended 31 December 1,296.4 1,176.8
Total revenue for the rolling 12 months 5,663.4 5,196.0
Liquidity 33.6% 29.0%
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.
31 Dec 2025 31 Mar 2025
€ million € million
Non-current liabilities
Borrowings 6,074.2 5,070.6
Convertible debt 25.2 25.2
Current liabilities
Borrowings 999.1 1,517.9
Convertible debt 0.8 0.3
Current assets
Short-term cash deposits 1,243.7 1,060.2
Cash and cash equivalents 659.7 597.5
Net debt 5,196.0 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.
31 Dec 2025 31 Mar 2025
€ million € million
Non-current assets
Restricted cash 41.3 36.3
Current assets
Restricted cash 40.2 42.0
Short-term cash deposits 1,243.7 1,060.2
Cash and cash equivalents 659.7 597.5
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 1 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 1
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 kilometers (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 the
scheduled flights. Rationale - Key performance indicator for commercial
planning and controlling, measurement for operational performance.
Calculation: number of operated flights divided by 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 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 Kilometers (ASKs) during a specific reporting period. Rationale
- Fuel CASK provides an insightful unit fuel cost measurement, representing
the cost incurred for flying one kilometer 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 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 spares 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 characterizes the unit net revenue performance for each kilometer
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 Kilometer
(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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