REG - Wizz Air Holdings - Final Results
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RNS Number : 8461H Wizz Air Holdings PLC 11 June 2026
WIZZ AIR HOLDINGS PLC - RESULTS FOR THE 12 MONTHS TO 31 MARCH 2026
F26 - RETURNING TO GROWTH IN CEE AND RECOVERING PRODUCTIVITY FROM FEWER ENGINE
INSPECTIONS
LSE: WIZZ
Geneva, 11 June 2026: Wizz Air Holdings Plc ("Wizz Air" or "the Company")
Europe's most emissions-efficient airline, today announces its results for the
full year ended 31 March 2026 ("F26").
Full year to 31 March 2026 2025 Change
Period-end fleet size (1) 262 231 13.4%
ASKs (million km) 132,031 121,671 8.5%
Load factor (%) 90.7 91.2 (0.5)ppt
Passengers carried (million) 69.7 63.4 10.0%
Total revenue (€ million) 5,691.4 5,267.6 8.0%
EBITDA (€ million) (2) 1,318.3 1,134.3 16.2%
EBITDA Margin (%) (2) 23.2 21.5 1.6ppt
Operating profit for the period (€ million) 139.7 167.5 (16.6)%
Net profit for the period (€ million) 1.3 213.9 (99.4)%
RASK (€ cent) 4.31 4.33 (0.4)%
Total CASK (€ cent) 4.35 4.33 0.5%
Fuel CASK (€ cent) 1.34 1.48 (9.6)%
Ex-fuel CASK (€ cent) 3.02 2.85 5.8%
Total cash (€ million) (2,3) 2,126.4 1,736.0 22.5%
Net debt (€ million) (2) 4,941.5 4,956.3 (0.3)%
(1 )Aircraft at end of period includes 3 aircraft in Ukraine.
(2 )For further definition of measures presented refer
to the "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 the "Glossary of
terms" section of this document.
(3 )Total cash comprises cash and cash equivalents (31 March 2026:
€1,085.9 million; 31 March 2025: €597.5 million), total current and
non-current cash deposits (31 March 2026:
€952.8 million; 31 March 2025: €1,060.2 million) and total current
and non-current restricted cash (31 March 2026:
€87.7 million; 31 March 2025: €78.3 million).
HIGHLIGHTS
▶ASK capacity was 8.5 per cent higher vs last year with seats
at 10.5 per cent higher due to continuing effect of shorter stage length.
▶Carried a record 69.7 million passengers (vs 63.4 million last year),
delivering revenue growth of 8.0 per cent with a load factor of 90.7 per
cent (91.2 per cent last year).
▶Total unit revenue (RASK) decreased 0.4 per cent year-on-year, with
ticket RASK flat at €2.39 cents and ancillary RASK down 0.8 per cent to
€1.92 cents.
▶Ex-fuel CASK increased by 5.8 per cent due to higher depreciation,
maintenance, navigation and crew cost. Q4 ex-fuel CASK was up 18.1 per cent at
€2.96 cents due to absence of one-off maintenance cost adjustment recorded
in F25.
▶Fuel CASK was down by 9.6 per cent to €1.34 cents supported by lower
market prices during most of F26, offset in-part by the cost of SAF mandate
and varying ETS costs.
▶Operating profit decreased to €139.7 million mainly due to previously
guided higher maintenance and depreciation cost as older fleet of aircraft are
exiting the fleet.
▶Total cash increased by 22.5 per cent to €2.1 billion, and net
debt decreased by 0.3 per cent to €4.9 billion. In January 2026,
the maturing €500 million bond was repaid from own cash.
▶On-time performance improved vs last year and disruption cost fell by
circa €29.9 million.
▶GTF engine inspections: 30 aircraft-on-ground as of 31 March 2026, down
from 42 at the end of last fiscal year. Currently, as of 5 June 2026,
at 24 aircraft.
▶Wizz Air closed its Abu Dhabi base during Q2 and wound down base
operations in Vienna.
▶CEE market share of 25.3 per cent grew by +1.1 percentage points vs prior
year, maintaining its position as the largest CEE operator by seats.
▶Wizz Air delivered CO2 emissions at 50.6 grams per passenger/km for the
rolling 12 months to 31 March 2026 (vs 52.2 grams for F25).
▶Wizz Air celebrated a significant milestone during F26 - it has flown 500
million passengers since the start of its operations.
József Váradi, Wizz Air Chief Executive Officer commented on the results:
"F26 has been a year of relentless focus on our strategy and aim to be the
reliable travel partner of choice across Central and Eastern Europe, and key
markets across the whole European continent.
We have continued to grow and serve an increasing number of customers.
Equally, the defining feature of the year was the set of strategic decisions
we made to position the business for long-term resilience and competitiveness.
This has proven to be the right direction - working well in a balanced
environment as well as at times of volatility, which the industry experienced
towards the end of the financial year due to the Middle East crisis.
The actions taken during F26 have further strengthened our resilience and the
foundations of our business. With a clear strategy, a highly efficient
operating model, a young fleet and financial resilience we are well positioned
to deliver sustainable growth and create value over the long term.
As we move into the next financial year, our priorities are clear. We will
continue to focus on our core markets, restore full fleet utilisation as
engine availability improves, maintain discipline in capacity growth and cost
control, and further enhance the reliability and quality of our operations. In
F27, we will continue to invest in our fleet, our people and our commercial
capabilities to support the long-term growth of Wizz Air."
NEAR TERM AND FULL YEAR OUTLOOK
We are not giving guidance for F27 at this time of the year given the lack of
visibility across our trading seasons, uncertainty related to the ongoing
conflict in Iran and the closure of the Strait of Hormuz:
▶Capacity (ASKs): Q1 F27 +15% YoY, Q2 F27 +20% YoY;
▶Capacity (Seats): Q1 F27 +25% YoY, Q2 F27 Up high twenties percent YoY;
▶Load factor: Flat YoY across H1;
▶RASK: Q1 F27 down mid-to-high single digit YoY, Q2 F27 flattish YoY;
▶Ex-Fuel CASK: H1 flat to up low single digit YoY.
SUMMARY OF F26 FINANCIAL RESULTS
Wizz Air reported a net profit of €1.3 million (F25: net profit of
€213.9 million), with EBITDA improving to €1,318.3 million from
€1,134.3 million in F25, showing the overall resilience of the business
despite a number of significant one-off headwinds in F26 that included the
forced cancellation of Tel Aviv and other Middle East routes during the 2025
peak summer period as well as the cancellation of Middle East and Cyprus
routes in March 2026. Whilst the Iran conflict in March 2026 had the risk of
negatively impacting earnings by an estimated €50m, this was largely
mitigated by fuel hedges put in place prior to the conflict.
Total revenue increased by 8.0 per cent to €5,691.4 million (F25:
€5,267.6 million) with seat capacity up by 10.5 per cent
to 76.9 million seats and passengers reaching a record number
of 69.7 million (F25: 63.4 million). Total fuel
expenses decreased by 1.9 per cent to €1,764.0 million
(F25: €1,797.6 million). Total operating expenses increased by 8.9 per
cent to €5,551.7 million (F25: €5,100.1 million), resulting in
a lower operating profit of €139.7 million (F25: €167.5 million) and
an operating margin of 2.5 per cent (F25: 3.2 per cent). Net
financing expense decreased to €112.7 million (F25:
€147.8 million). Profit before income tax was €27.0 million (F25:
€19.7 million), while the tax expense was €25.7 million (F25:
tax credit €194.2 million) resulting in a net profit of €1.3 million
(F25: profit after tax of €213.9 million).
REVENUE AND COST HIGHLIGHTS
Passenger ticket revenue increased by 8.4 per cent to €3,161.4 million
(F25: €2,917.0 million) and ancillary revenue grew by 7.6 per cent to
€2,530.0 million (F25: €2,350.6 million). The load
factor declined by 0.5 percentage points to 90.7 per cent
(F25: 91.2 per cent) due largely to the aftermath of the war with Iran.
Ancillary revenue was partly impacted by the closure of the Abu Dhabi base in
September 2025 and the reduction of flight volumes to the Middle East, as
those longer flights generated higher than average ancillary revenues per pax.
At the same time, the Company saw higher demand year-on-year for its reserved
seating product and new ancillary initiatives like 'All You Can Fly'.
While total fuel expenses decreased year-on-year, spending on Carbon
Emission schemes such as EU and UK ETS and CORSIA increased by 27.2 per
cent to €273.3 million (F25: €214.8 million) and the Company spent
€56.5 million on SAF (sustainable aviation fuel) uplift in the first year
of the EU mandate. Fuel consumption per block hour, however,
was reduced by 1.5 per cent to 2.2 metric tonnes, showing improved fuel
efficiency due to a greater share of the flying fleet comprising NEO aircraft.
Other major cost lines increased broadly in tandem with capacity growth and
inflation. Certain unit costs remained stable as the powder metal affected
grounded fleet was systematically released back to service. Airport,
handling and en-route costs were higher, increasing by 13.0 per cent to
€1,527.6 million (F25: €1,351.8 million) due to rising Eurocontrol
sector fees introduced at the start of 2025 and a larger volume of flights.
Crew costs were 16.1 per cent higher at €655.9 million (F25:
€564.9 million) due to a greater number of operated flights as well as
salary and cost-of-living adjustments. Depreciation and
amortisation rose 21.9 per cent to €1,178.6 million (F25:
€966.8 million), while maintenance, materials and repairs increased to
€462.8 million (F25: €330.4 million), up 40.1 per cent, as we
maintained more aircraft and spare engines during the year. Flight disruption
costs fell to €136.7 million (F25: €166.5 million) owing to the
significantly improved operational stability and performance.
Income tax charged increased to €25.7 million
(F25: €194.2 million credit) as F25 included a one-off credit arising
on the recognition of deferred tax assets that started to unwind as new
aircraft are delivered.
FLEET UPDATE
▶In the twelve months ending on 31 March 2026, Wizz Air took delivery of 39x
new A321neo aircraft (including 3x which were immediately sold to an aircraft
lessor for onwards leasing to a related airline), and 7x new A321neo XLRs.
During the same period 11x A320ceo and 1x A321ceo aircraft were
redelivered, ending the period with a total fleet of 262 aircraft: 26x
A320ceo, 40x A321ceo, 6x A320neo, 183x A321neo and 7x A321neo XLRs.
▶New aircraft deliveries were financed using a combination of sale and
leaseback, JOLCO (Japanese Operating Lease with Call Option) and financial
lease transactions, with lease terms averaging ten years, before lease
extension options.
▶The average age of the fleet as of 31 March 2026 stood at 4.5 years, making
it the youngest fleet of any major European airline, while the average number
of seats per aircraft climbed to 231.
▶The share of new "neo" aircraft within Wizz Air's fleet has increased to 75
per cent.
▶As of 31 March 2026, Wizz Air's delivery backlog comprised a firm order for
250x A321neo and 4x A321XLR aircraft, a total of 254x aircraft. The Company
discontinued discussions with partners to transfer remaining A321XLR aircraft
to other operators and plans to ultimately use all 11x aircraft on longer
range routes within its network.
▶Earlier in the year we made a significant adjustment to our delivery
schedule, with 88x A321neos being deferred out of this decade and now extended
to F33.
▶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) 26 13 3 3 3 3 3 1
A321 CEO (230 seats) 40 29 14 - - - - -
A320 NEO (186 seats) 6 6 6 6 6 6 6 3
A321 NEO (239 seats) 183 211 238 280 315 342 365 368
A321 XLR (239 seats) 7 11 11 11 11 11 11 11
Fleet total 262 270 272 300 335 362 385 383
COMMERCIAL AND NETWORK UPDATE
At the start of the year, we set out a clear strategic direction: to focus our
operations on markets where we can achieve meaningful scale in more
cost-efficient, operationally stable environments.
We exited our Abu Dhabi joint venture, initiated the closure of our Vienna
base, and accelerated the reallocation of capacity towards Central and Eastern
Europe (CEE) and other core markets where we see stronger structural
advantages. Additional aircraft were allocated to Skopje, Sofia, Varna,
Warsaw, Katowice, Wroclaw, Gdansk, Tirana, Budapest, Bucharest and Chisinau.
The non-CEE bases in London, Rome, Milan, Venice, Naples and Catania were also
adding aircraft as we record growing yield performance in these markets.
We opened a number of lower-cost bases, including in Bucharest (Baneasa),
Bratislava, Podgorica, Suceava, Targu Mures, Tuzla, Warsaw Modlin and Yerevan,
strengthening our footprint where we believe we can deliver superior returns
over time. Our CEE market share reached 25.3 per cent in the year,
maintaining our position as the largest CEE operator by seats. More recently
we announced the opening of the new Palermo and Turin bases in Italy.
We continue to monitor the geopolitical situation carefully, to be able to
restore our network when the security situation permits. We have plans in
place to resume operations in Ukraine within weeks of any ceasefire and
opening of the airspace. We also remain committed to Israel, and are keen to
develop the market further to meet the growing demand for Wizz Air's routes.
GTF ENGINE UPDATE
As of 31 March 2026, Wizz Air had 30 aircraft grounded due to GTF
engine-related inspections; showing an improvement compared with the end
of F25 when the grounded fleet comprised 42 aircraft. GTF engine-related
groundings expected at the end of F27 are in the range of 15-20 aircraft with
this figure reducing to 0 by the end of calendar year 2027.
GEOPOLITICAL CRISES IN OUR REGIONS
After the war in Iran broke out on 28 February we suspended our Middle East
capacity, accounting for circa five per cent of total seats and ten per cent
of total ASKs. Having exited the Abu Dhabi base in September of 2025 our
exposure in the region was mostly focused on Israel and Tel Aviv. Most of this
capacity was immediately redeployed to our core CEE markets, improving the
existing summer season products to destinations in Spain, Italy, Croatia,
Albania and others. We continue to monitor closely the situation on the ground
in the Middle East and in Ukraine. On 28 of May we resumed flights to Tel Aviv
from most of our CEE bases.
FINANCIAL UPDATE
▶The Company's cash position at the end of March 2026 was
€2,126.4 million, a 22.5 per cent increase vs 31 March 2025. In
January 2026 the Company repaid its maturing €500 million bond, while
renewing its €3.0 billion EMTN programme for another three years.
▶Net debt at 31 March 2026 was €4,941.5 million vs
€4,956.3 million at 31 March 2025, while the Company's leverage ratio
(net debt to EBITDA) decreased to 3.7x compared to 4.4x at F25 year-end.
Over the same period, liquidity ratio increased to 35.8 per cent
from 31.5 per cent.
▶As of 29 May 2026, using jet fuel zero-cost collars, Wizz Air has
accumulated hedge coverage of 84 per cent of its jet fuel needs for H1 F27 at
a price of $826/ 757 per metric tonne and 71 per cent for H2 F27 at a price of
$819/747 per metric tonne. For F28 the coverage is 17 per cent at a price of
$861/ 773 per metric tonne. The EUR/ USD FX coverage stands at 81 per cent for
H1 F27 at $1.1701/ $1.1340 rates and 72 per cent for H2 at $1.2048/ $1.1683
rates; for F28 it is at 17 per cent at $1.2033/ $1.1788 rates. From beginning
of F26 the Company has been hedging USD currency exposure on its lease
liabilities. As of 31 March 2026, Wizz Air had 83 per cent of $4.5 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 trade scheme credits repurchase agreement
as at the end of March 2026 was €308.1 million.
▶Wizz Air continued to receive OEM compensation from Pratt & Whitney
related to the GTF engine issues.
ESG UPDATE
In F26 Wizz Air achieved further progress on the sustainability agenda:
▶As of 31 March 2026, the 12 months rolling CO2 emissions per passenger
kilometre was at 50.6 grams in F26 (F25: 52.2 grams), the lowest among
peers in the industry.
▶Wizz Air maintained a 'B' score in 2025 climate ranking CDP, reaching
'management level'.
▶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.
▶It has also been ranked the world's second best ultra‑low‑cost airline
and placed among the top 10 global low‑cost carriers for 2026 by Airline
Ratings, the global authority on airline safety, product quality and passenger
reviews.
▶In the first half of F26 it introduced a voluntary pension program and paid
out all-employee bonus equivalent to 13th month salary.
▶During Q3 Wizz Air updated its All-Employee Bonus Scheme, aligning it more
closely with Company's performance objectives.
▶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 previous year).
▶In December, Wizz Air created a new Financial Performance Committee, with
an oversight of the Company's operational and financial planning, asset
financing, capital structure and performance related financial and
productivity metrics.
▶As of 31 March 2026 the share of Wizz Air issued share capital held by
Qualifying Nationals (i.e. European Economic Area nationals), was 43 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.
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/fe061844-aaeb-4802-8115-9aa44cf77ee6/wizz-air-f26-results
ABOUT WIZZ AIR
Wizz Air operates a fleet of 267 Airbus A320 and A321 aircraft as of 9 June
2026. A team of dedicated aviation professionals delivers superior service and
very low fares, making Wizz Air the preferred choice of 69.7 million
passengers in F26. 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
Zlatko Custovic, 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.
FINANCIAL REVIEW
Wizz Air reported a net profit of €1.3 million (F25: net profit of
€213.9 million), with EBITDA improving to €1,318.3 million from
€1,134.3 million in F25, showing the overall resilience of the business
despite a number of significant one-off headwinds in F26 that included the
forced cancellation of Tel Aviv and other Middle East routes during the 2025
peak summer period as well as the cancellation of Middle East and Cyprus
routes in March 2026. Whilst the Iran conflict in March 2026 had the risk of
negatively impacting earnings by an estimated €50m, this was largely
mitigated by fuel hedges put in place prior to the conflict.
Total revenue increased by 8.0 per cent to €5,691.4 million (F25:
€5,267.6 million) with seat capacity up by 10.5 per cent
to 76.9 million seats and passengers reaching a record number
of 69.7 million (F25: 63.4 million). Total fuel
expenses decreased by 1.9 per cent to €1,764.0 million
(F25: €1,797.6 million). Total operating expenses increased by 8.9 per
cent to €5,551.7 million (F25: €5,100.1 million), resulting in
a lower operating profit of €139.7 million (F25: €167.5 million) and
an operating margin of 2.5 per cent (F25: 3.2 per cent). Net
financing expense decreased to €112.7 million (F25:
€147.8 million). Profit before income tax was €27.0 million (F25:
€19.7 million), while the tax expense was €25.7 million (F25:
tax credit €194.2 million) resulting in a net profit of €1.3 million
(F25: profit after tax of €213.9 million).
Passenger ticket revenue increased by 8.4 per cent to €3,161.4 million
(F25: €2,917.0 million) and ancillary revenue grew by 7.6 per cent to
€2,530.0 million (F25: €2,350.6 million). The load
factor declined by 0.5 percentage points to 90.7 per cent
(F25: 91.2 per cent) due largely to the aftermath of the war with Iran.
Ancillary revenue was partly impacted by the closure of the Abu Dhabi base in
September 2025 and the reduction of flight volumes to the Middle East, as
those longer flights generated higher than average ancillary revenues per pax.
At the same time, the Company saw higher demand year-on-year for its reserved
seating product and new ancillary initiatives like 'All You Can Fly'.
While total fuel expenses decreased year-on-year, spending on Carbon
Emission schemes such as EU and UK ETS and CORSIA increased by 27.2 per
cent to €273.3 million (F25: €214.8 million) and the Company spent
€56.5 million on SAF (sustainable aviation fuel) uplift in the first year
of the EU mandate. Fuel consumption per block hour, however,
was reduced by 1.5 per cent to 2.2 metric tonnes, showing improved fuel
efficiency due to a greater share of the flying fleet comprising NEO aircraft.
Other major cost lines increased broadly in tandem with capacity growth and
inflation. Certain unit costs remained stable as the powder metal affected
grounded fleet was systematically released back to service. Airport,
handling and en-route costs were higher, increasing by 13.0 per cent to
€1,527.6 million (F25: €1,351.8 million) due to rising Eurocontrol
sector fees introduced at the start of 2025 and a larger volume of flights.
Crew costs were 16.1 per cent higher at €655.9 million (F25:
€564.9 million) due to a greater number of operated flights as well as
salary and cost-of-living adjustments. Depreciation and
amortisation rose 21.9 per cent to €1,178.6 million (F25:
€966.8 million), while maintenance, materials and repairs increased to
€462.8 million (F25: €330.4 million), up 40.1 per cent, as we
maintained more aircraft and spare engines during the year. Flight disruption
costs fell to €136.7 million (F25: €166.5 million) owing to the
significantly improved operational stability and performance.
Income tax charged increased to €25.7 million
(F25: €194.2 million credit) as F25 included a one-off credit arising
on the recognition of deferred tax assets that started to unwind as new
aircraft are delivered.
Our fuel and FX rates during F26 were as follows:
F26 F25 Change
Average jet fuel price ($/metric tonne, including SAF, into-plane premium and 890 919 (3.2)%
impact of effective hedges)
Average EUR/USD rate (including impact of effective hedges) 1.13 1.08 4.6%
Year-end EUR/USD rate 1.15 1.08 6.1%
Financial overview
Summary consolidated statement of comprehensive income
€ million F26 F25 Change
Total revenue 5,691.4 5,267.6 8.0%
Fuel costs (1,764.0) (1,797.6) (1.9)%
Operating expenses less other income and excluding fuel costs (3,787.7) (3,302.5) 14.7%
Total operating expenses (5,551.7) (5,100.1) 8.9%
Operating profit 139.7 167.5 (16.6)%
Operating margin 2.5% 3.2% (0.7)ppt
Net financing expense (112.7) (147.8) (23.7)%
Profit before income tax 27.0 19.7 37.1%
Income tax (expense)/ credit (25.7) 194.2 n.m.
Profit for the year 1.3 213.9 (99.4)%
*n.m.: not meaningful, as the variance is more than (-)100 per cent.
Earnings per share
Earnings per share, € (Note 7) F26 F25 Change
Basic earnings per share, € 0.02 2.18 (2.16)
Diluted earnings per share, € 0.03 1.78 (1.75)
Financial performance
Revenue
The following table sets out an overview of revenue streams
for F26 and F25 and the percentage change in those items:
F26 F25
Total Percentage of total revenue Total Percentage of total revenue Percentage change
(€ million) (€ million)
Passenger ticket revenue(1) 3,161.4 55.5% 2,917.0 55.4% 8.4%
Ancillary revenue(1) 2,530.0 44.5% 2,350.6 44.6% 7.6%
Total revenue 5,691.4 100.0% 5,267.6 100.0% 8.0%
(1.)For further definitions of non-financial measures presented, please refer
to the Glossary of terms and Alternative performance measures (APMs) sections
of this document.
Total revenue increased by 8.0 per cent to €5,691.4 million
in F26 from €5,267.6 million in F25, driven mainly by the
capacity increase year on year. Passenger ticket
revenue increased by 8.4 per cent to €3,161.4 million in F26 from
€2,917.0 million in F25, and ancillary revenue increased by 7.6 per
cent to €2,530.0 million in F26 from €2,350.6 million in F25. RASK
(Revenue per Available Seat Kilometre) decreased by 0.4 per cent
to 4.31 euro cents in F26 from 4.33 euro cents in F25. Ticket
RASK decreased by 0.1 per cent to 2.39 euro cents
in F26 from 2.40 euro cents in F25, while Ancillary
RASK decreased by 0.8 per cent to 1.92 euro cents from 1.93 euro cents
in F25. The decrease in RASK was primarily driven by structural network
changes, closure of the Abu Dhabi operation and adverse geopolitical
developments. These included the ongoing effects of the Gaza conflict, which
led to the partial cancellation of flights to and from Tel Aviv, and the start
of the Iran war in late February 2026.
Operating expenses
Total operating expenses increased by 8.9 per cent to €5,551.7 million
in F26 from €5,100.1 million in F25. Total CASK (Cost per Available Seat
Kilometre) increased to 4.35 euro cents in F26 from 4.33 euro cents
in F25, out of which the ex-fuel CASK increase is 0.16 euro cents, up
to 3.02 euro cents in F26 from 2.85 euro cents in F25. F26 CASK was
impacted by general price inflation in airport and navigation charges,
alongside higher maintenance costs and increased employee remuneration (across
crew and office), and lower compensation received from Pratt & Whitney
mainly driven by reduced Aircraft-on-Ground exposure and unit rates compared
to the previous fiscal year. These cost increases were partially offset by
improved operational punctuality, resulting in fewer flight disruptions and
lower passenger compensation expenses, as well as enhanced fuel efficiency
combined with favourable foreign exchange movements on fuel prices. A further
positive impact was seen from the increased number of sale‑and‑leaseback
transactions, the discontinuation of structural wet‑lease operations and the
closure of the Abu Dhabi business unit and the Vienna base.
For F26 and F25 the following table sets out the expenses relevant for the
CASK measures and the percentage changes in those expenses:
F26 F25
Total Percentage Unit cost (€cts/ASK) Total Percentage of total operating expenses Unit cost (€cts/ASK) Percentage change of total cost
(€ million) of total operating expenses (€ million)
Staff costs 655.9 11.8% 0.50 564.9 11.1% 0.46 16.1%
Fuel costs 1,764.0 31.8% 1.34 1,797.6 35.2% 1.48 (1.9)%
Distribution and marketing 133.4 2.4% 0.10 117.8 2.3% 0.10 13.2%
Maintenance, materials and repairs 462.8 8.3% 0.35 330.4 6.5% 0.27 40.1%
Airport, handling and en-route charges 1,527.6 27.5% 1.16 1,351.8 26.5% 1.11 13.0%
Depreciation and amortisation 1,178.6 21.2% 0.89 966.8 19.0% 0.79 21.9%
Other expenses 371.2 6.7% 0.28 466.6 9.1% 0.38 (20.4%)
Other income (541.8) (9.8%) (0.41) (495.8) (9.7%) (0.41) 9.3%
Total operating expenses 5,551.7 100.0% 4.20 5,100.1 100.0% 4.19 8.9%
Net cost from financial income and expense* 194.2 0.15 167.4 0.14 16.0%
Total 5,745.9 4.35 5,267.5 4.33 9.1%
Total ex-fuel cost 3,981.9 71.7% 3.02 3,469.9 68.0% 2.85 14.8%
* Excluding net loss on derivative financial instruments and net foreign
exchange gains.
Staff costs were €655.9 million in F26, up by 16.1 per cent from
€564.9 million in F25, reflecting a 12.0 per cent increase in staff
numbers and cost-of-living adjustments to salaries year on year, which was
partially offset by savings after the closure of the Abu Dhabi operation.
Fuel expenditures decreased by 1.9 per cent to €1,764.0 million
in F26 from €1,797.6 million in F25, and fuel
CASK decreased by 9.6 per cent to 1.34 euro cents
in F26 from 1.48 euro cents in F25. The average fuel price, including
sustainable aviation fuel, hedging impact and into-plane
premium, decreased by 3.2 per cent to $890 per metric tonne in F26 from
$919 per metric tonne in F25. Beyond the impact of fuel price fluctuations,
fuel consumption measured in metric tonnes per block hours decreased by 1.5
per cent on a year-on-year basis. This reduction is due to the higher
proportion of fuel-efficient NEO aircraft within the fleet, and a reduced
number of fuel inefficient wet-leased flights. Collectively, these factors
contributed to the overall improvement in fuel efficiency and cost management
during the period under review.
Distribution and marketing costs increased by 13.2 per cent to
€133.4 million in F26 from €117.8 million in F25. Distribution costs
increased broadly in line with revenue growth during the period, which
includes the establishment of a new call centre in Egypt to increase overall
call-handling capacity. Marketing expenses also rose, driven by targeted
campaigns in Spain and Italy, as well as the commencement of a sponsorship
agreement with AS Roma football club.
Maintenance, materials and repair costs increased by 40.1 per cent to
€462.8 million in F26 from €330.4 million in F25, primarily due to
significant one‑off cost savings recorded in F25. In addition, higher
operational volumes - reflected in increases in fleet size (+8.8 per cent),
flight hours (+6.1 per cent) and flight cycles (+7.4 per cent) - contributed
to cost growth. The cost increase was further driven by higher redelivery
costs and a rise in base maintenance intensity associated with the phase‑out
of the CEO fleet, as well as continued fleet growth and the presence of older
aircraft in the fleet. These effects were partly mitigated by lower use of
short‑term leased engines.
Airport, handling and en-route charges increased by 13.0 per cent to
€1,527.6 million in F26 from €1,351.8 million in F25, reflecting the
rise in passenger numbers (+10 per cent), departing flights (+7.4 per cent),
and the general increase in navigation unit rates.
Depreciation and amortisation charges increased by 21.9 per cent to
€1,178.6 million in F26, up from €966.8 million in F25. The increase
reflects a higher number of CEO aircraft redeliveries compared to F25,
resulting in higher end‑of‑lease maintenance asset depreciation on engines
and fleet growth following NEO and XLR deliveries with higher asset values.
Additional drivers include the increased depreciation associated with GTF
engine maintenance assets due to the short time between shop visits.
Other expenses amounted to €371.2 million in F26, compared to
€466.6 million in F25. Among the key drivers, flight disruption cost,
including compensation paid to customers, was €136.7 million in F26, down
from €166.5 million in F25 due to significantly improved operational
punctuality, wet lease expenses decreased to €17.9 million in F26 from
€113.0 million in F25 reflecting the termination of the structural wet
lease operations, non-direct administrative costs increased to
€102.7 million in F26 from €97.2 million in F25, while crew-related
expenses increased to €77.4 million in F26 from €61.3 million
in F25, driven by the impact of general cost inflation.
Other income amounted to €541.8 million in F26, up from €495.8 million
in F25. The increase was primarily driven by higher gains from sale and
leaseback transactions, which reached €255.9 million in F26 compared to
€121.3 million in F25. This growth reflects a rise in aircraft sale and
leaseback financing (33 transactions in F26 versus 16 in F25) as well as spare
engine sale and leaseback transactions (18 in F26 versus 10 in F25). These
effects were partially offset by lower credits and compensation received from
suppliers, which amounted to €265.7 million in F26, compared to
€353.6 million in F25.
Net financing income and expense
The following table sets out an overview of net financing expense
for F26 and F25 and the percentage change in those items:
€ million F26 F25 Change
Net financial expense (194.2) (167.4) 16.0%
Net loss on derivative financial instruments (20.6) (6.4) 221.9%
Net foreign exchange gains 102.1 26.0 292.7%
Net financing expense (112.7) (147.8) (23.7)%
Net financing expense decreased by 23.7 per cent to €112.7 million
in F26 from €147.8 million in F25, of which:
▶Financial income posted a decrease of 10.4 per cent due to relatively
lower deposit interest rates observed in F26.
▶Financial expenses increased by 7.3 per cent, where the rise in
interest expense associated with lease liabilities under IFRS 16 due to the
expansion of the fleet was partly mitigated by ceasing PDP financing present
in F25, achieving a reduction in the REPO interest rate, and the repayment of
€500m of bond financing in January 2026.
▶Net foreign exchange gains increased by 292.7 per cent, which was
primarily attributable to a more favourable EUR/USD exchange rate environment
during the fiscal year. The unrealised component of the foreign
exchange gain, predominantly resulting from the revaluation of lease
liabilities denominated in US dollars, amounted to a
€169.5 million gain in F26, as compared to a
€30.6 million gain in F25. The realised component of the gain is
principally attributable to the revaluation of cash balances, which are
chiefly denominated in US dollars and kept on deposit accounts.
▶The net loss recognised on derivative financial instruments is attributable
to the cross-currency swap programme, implemented with the objective of
mitigating Wizz Air's exposure to foreign exchange risk, which started in
early 2025. Since then, the dollar has weakened against the euro and the
accumulated positions closed in a net loss at the end of the fiscal year. This
programme is designed to manage fluctuations in currency values that could
adversely affect the Company's financial position and results of operations.
By utilising such derivative instruments, Wizz Air seeks to achieve greater
stability in its financial performance by reducing the potential impact of
unfavourable movements in exchange rates.
Taxation
The Group recorded an income tax expense of €25.7 million in F26 compared
to the €194.2 million credit in F25. The effective rate for the Group
in F26 was 95.2 per cent compared to a negative 985.8 per cent in F25.
The tax charges stem from differences in the standalone income levels of
subsidiaries, differences in statutory tax rates applicable for these
subsidiaries, and movements in deferred taxes. Compared to F25, the
significant changes in income tax levels are due to one-off deferred tax
credits that affected F25.
Profit for the year
The Group earned a net profit of €1.3 million in F26, compared to the
net profit of €213.9 million in F25.
Other comprehensive income and expenses
In F26 the Group had other comprehensive income of €550.9 million
compared to an expense of €54.0 million in F25. The change is mainly
attributable to the favourable impact of fair value movements on the Group's
open hedge positions in F26.
Return on capital employed and capital structure
Return on capital employed (ROCE)(1) is a non-statutory performance metric
commonly used to measure the financial returns that a business achieves on the
capital it uses. ROCE for F26 was 2.5 per cent, compared to 3.3 per cent
for the previous year.
The Company's leverage ratio(1) was 3.7 at the end of the F26 financial
year, a decrease of 0.6 yoy, while liquidity(1) increased to 35.8 per
cent from 31.5 per cent at the end of the F26 financial year.
F26 F25 Change
ROCE 2.5% 3.3% (0.8) ppt
Leverage ratio 3.7 4.4 (0.6)
Liquidity 35.8% 31.5% 4.4 ppt
(1 )For definitions of non-financial measures presented, please refer
to the Glossary of terms and Alternative performance measures (APMs) sections
of this document.
Cash flows and financial position
Summary statement of cash flows
The following table sets out selected cash flow data and the Group's cash and
cash equivalents for F26 and F25:
€ million F26 F25 Change
Net cash generated by operating activities 1,179.6 1,065.6 11%
Net cash generated by/(used in) investing activities 751.3 (263.4) n.m.*
Net cash used in financing activities (1,427.5) (938.7) 52%
Net increase/(decrease) in cash and cash equivalents 503.4 (136.5) n.m.*
Cash and cash equivalents at the beginning of the year 596.9 716.4 (17)%
Effect of exchange rate fluctuations on cash and cash equivalents (16.7) 17.0 n.m.*
Cash and cash equivalents at the end of the year 1,083.6 596.9 82%
*n.m.: not meaningful, as the variance is more than (-)100 per cent.
Cash flows from operating activities
The majority of Wizz Air's cash inflows from operating activities are derived
from the sale of passenger tickets and ancillary services. Net cash flows from
operating activities are also affected by movements in working capital items.
Cash generated by operating activities increased from €1,065.6 million
in F25 to €1,179.6 million in F26 primarily driven by the following
factors:
▶Operating cash flows before adjusting for changes in working capital
decreased by €0.3 million year on year, driven by an increase in fleet size
and expansion.
▶Changes in working capital resulted in higher cash inflows by
€94.3 million.
Cash flows from investing activities
Investing activities resulted in €751.3 million of net cash generated
in F26, compared to €263.4 million of net cash used in F25, for the
following reasons:
▶The net cash flows from advances paid and refunded in relation to aircraft
deliveries increased by €285.2 million from a €58.9 million cash outflow
in F25 to a €226.3 million cash inflow in F26.
▶Cash outflows from placing cash deposits were €1,788.0 million
in F26 compared to the cash outflow of €1,466.0 million in F25. Cash
inflows from maturing cash deposits were €1,851.6 million in F26 compared
to the cash inflow from cash deposits of €1,136.3 million in F25.
▶Net cash flows from the purchase and sale of tangible and intangible assets
including sale and leaseback transactions increased by €373.6 million from
a €20.9 million cash inflow in F25 to a €394.5 million cash inflow
in F26.
Cash flows from financing activities
Net cash outflow from financing activities increased from €938.7 million
(F25) to €1,427.5 million in F26. The principal elements of
the F26 outflow were as follows:
▶Repayments of loans and other types of financing and interest on them
amounting to €1,559.4 million (F25: €1,391.4 million), which includes
the interest and principal repayment on the bond of €505.0 million (whereas
in F25 the bond interest payment totalled €5.0 million). Proceeds from
new loans and other types of financing of €132.0 million (F25:
€245.6 million) comprise aircraft and engine financing of €79.2 million
(F25: €245.6 million) and a borrowing secured with emission trading scheme
(ETS) units of €22.8 million (F25: €nil).
Summary consolidated statement of financial position
The following table sets out summary statements of the financial position of
the Group for F26 and F25:
€ million F26 F25 Change
ASSETS
Property, plant and equipment 7,128.1 6,493.0 635.1
Restricted cash(1) 87.7 78.3 9.4
Derivative financial instruments(1) 584.1 12.1 572.0
Trade and other receivables(1) 712.1 676.2 35.9
Cash deposits* 952.8 1,060.2 (107.4)
Cash and cash equivalents 1,085.9 597.5 488.4
Other assets(1) 719.2 718.1 1.1
Total assets 11,269.9 9,635.4 1,634.5
EQUITY AND LIABILITIES
EQUITY
Equity 928.4 317.1 611.3
LIABILITIES
Trade and other payables(1) 1,404.6 1,108.3 296.3
Borrowings (incl. convertible debt)(1) 6,980.2 6,614.0 366.2
Deferred income(1) 1,384.0 1,179.8 204.2
Derivative financial instruments(1) 55.3 42.6 12.7
Provisions(1) 514.3 355.1 159.2
Other liabilities(1) 3.1 18.6 (15.5)
Total liabilities 10,341.5 9,318.3 1,023.2
Total equity and liabilities 11,269.9 9,635.4 1,634.5
(1) Including both current and non-current asset and liability
balances, respectively.
Property, plant and equipment increased by €635.1 million as
at 31 March 2026 compared to 31 March 2025, primarily driven by the
investment in JOLCO-financed aircraft, the sale-and-leaseback financed
aircraft right-of-use assets and acquisition of the Headquarters (see also
Note 8).
Restricted cash (current and non-current) increased by €9.4 million as
at 31 March 2026 compared to the year before. The majority of this balance
is linked to Wizz Air's aircraft lease contracts, being cash deposits securing
letters of credit issued by Wizz Air's banks primarily for lease security
deposits and maintenance reserves.
Derivative financial assets (current and non-current) increased by
€572.0 million as at 31 March 2026 compared to 31 March 2025 (see
also Notes 2 and 9). These balances are related to fuel and FX hedge
instruments as well as cross currency interest rate swap contracts.
Trade and other receivables increased by €35.9 million as
at 31 March 2026 compared to 31 March 2025.
Cash and cash equivalents amounted to €1,085.9 million as
at 31 March 2026 (2025: €597.5 million), and cash deposits to
€952.8 million as at 31 March 2026 (2025: € 1,060.2 million).
Borrowings (including convertible debt) increased by €366.2 million as
at 31 March 2026 compared to 31 March 2025. The increase was primarily
driven by liabilities related to JOLCO, FTL and FL contracts recognised during
the fiscal year (see Note 10).
Deferred income increased by €204.2 million as
at 31 March 2026 compared to 31 March 2025 (see Note 11). This was
primarily driven by an increase in unearned revenue and in deferred supplier
credits.
Derivative financial liabilities (current and non-current) increased by
€12.7 million as at 31 March 2026 compared to 31 March 2025 (see
Notes 2 and 9). These balances are related to fuel and FX hedge instruments
and cross currency interest rate swap contracts.
Provisions increased by €159.2 million as at 31 March 2026 compared
to 31 March 2025, in line with the planned aircraft maintenance schedule
(see Note 12).
Hedging strategy
Wizz Air operates under a clear set of treasury policies approved by the Board
and supervised by the Audit and Risk Committee. The hedging policy's objective
is to establish a framework to identify, report and manage foreign currency
and fuel exposures aiming to provide greater certainty and protection to the
value of the Group's net income, net equity and related cash flows that are
exposed to possible adverse movements in foreign currency exchange rates and
jet fuel prices. This is achieved through disciplined programmatic and
discretionary layering for a set time horizon (18 months) with regular
rollovers maintaining hedge coverage levels.
The hedges under the hedging policy are rolled forward quarterly, 18 months
out, with coverage levels over time indicatively totalling 70 to 95 per cent
for the first quarter of the hedging horizon and 20 to 45 per cent for the
last quarter of the hedging horizon. Hedging instruments are mostly zero-cost
collars, but jet fuel swaps are also 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 at 29 May 2026 are
set out below:
Fuel hedge coverage
Period covered F27 H1 F27 H2 F28
5 months 6 months 7 months
Exposure in metric tonnes ('000) 958.5 1,107.2 2,447.8
Coverage in metric tonnes ('000) 801.0 786.0 426.0
Hedge coverage for the period 84% 71% 17%
Blended capped rate $825.6 $818.6 $861.0
Blended floor rate $757.1 $747.1 $773.0
Foreign exchange hedge coverage
Period covered F27 H1 F27 H2 F28
5 months 6 months 8 months
Exposure (million) $824.1 $938.3 $2,110.2
Coverage (million) $671.0 $677.0 $356.0
Hedge coverage for the period 81% 72% 17%
Weighted average ceiling $1.1701 $1.2048 $1.2033
Weighted average floor $1.1340 $1.1683 $1.1788
Balance sheet risk mitigation
Wizz Air uses USD cash and standard EUR-USD cross currency swaps to mitigate
the profit & loss impact stemming from the balance sheet revaluation of
USD liabilities. As at 31 March 2026 we had a roughly $4.5bn USD lease
liability, and around $4.1bn across USD cash and cross currency swaps, leaving
an uncovered portion of about $0.4bn.
KEY STATISTICS
F26 F25 Change
Capacity
Number of aircraft at end of period* 262 231 13.4%
Number of operating aircraft at end of period** 224 186 20.4%
Equivalent aircraft 245.5 225.7 8.8%
Equivalent operating aircraft** 203.6 178.5 14.1%
Utilisation (block hours per aircraft per day) 9:36 9:51 (2.5)%
Utilisation (block hours per operating aircraft per day)** 11:35 12:28 (7.1)%
Total block hours 861,653 812,673 6.0%
Total flight hours 748,441 705,720 6.1%
Revenue departures 337,405 314,448 7.3%
Average departures per day per aircraft 3.77 3.82 (1.4)%
Average departures per day per operating aircraft** 4.54 4.83 (6.0)%
Seat capacity 76,878,622 69,546,340 10.5%
Average aircraft stage length (km) 1,717 1,749 (1.8)%
Total ASKs ('000 km) 132,030,723 121,670,679 8.5%
Operating data
RPKs (revenue passenger kilometres) ('000 km) 119,877,458 111,143,998 7.9%
Load factor (%) 90.7 91.2 (0.5%)
Number of passenger segments 69,747,746 63,403,320 10.0%
Fuel price (average $ per tonne, including SAF, hedging impact and into-plane 890 919 (3.2)%
premium)
Foreign exchange rate (USD/EUR including hedging impact) 1.13 1.08 4.6%
* Aircraft at end of period includes 3 aircraft in Ukraine.
** Equivalent operating aircraft excludes grounded aircraft. At the end
of F26 there were 30 grounded aircraft due to GTF engine inspections and 3
grounded aircraft in Ukraine, 4 A321XLRs with engine removals and 1 aircraft
under long-term maintenance. At the end of F25 there were 42 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.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
Note 2026 2025
€ million € million
Passenger ticket revenue 4 3,161.4 2,917.0
Ancillary revenue 4 2,530.0 2,350.6
Total revenue 4 5,691.4 5,267.6
Staff costs (655.9) (564.9)
Fuel costs (1,764.0) (1,797.6)
Distribution and marketing (133.4) (117.8)
Maintenance, materials and repairs (462.8) (330.4)
Airport, handling and en-route charges (1,527.6) (1,351.8)
Depreciation and amortisation (1,178.6) (966.8)
Other expenses (371.2) (466.6)
Other income 541.8 495.8
Total operating expenses (5,551.7) (5,100.1)
Operating profit 139.7 167.5
Financial income 5 73.6 82.1
Financial expenses 5 (267.8) (249.5)
Net loss on derivative financial instruments 5 (20.6) (6.4)
Net foreign exchange gains 5 102.1 26.0
Net financing expense 5 (112.7) (147.8)
Share of net profit of associates - -
Profit before income tax 27.0 19.7
Income tax (expense)/ credit 6 (25.7) 194.2
Profit for the year 1.3 213.9
(Loss)/Profit for the year attributable to:
Non-controlling interests (0.9) (11.9)
Owners of Wizz Air Holdings Plc 2.2 225.8
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 564.6 (35.4)
Cash flow hedging reserve recycled to profit or loss (48.8) 13.6
Cost of hedging 16.5 (32.8)
Currency translation differences 18.6 0.6
Other comprehensive income/(expense) for the year, net of tax 550.9 (54.0)
Total comprehensive income for the year 552.2 159.9
Total comprehensive income/(expense) for the year attributable to:
Non-controlling interests 3.2 (11.8)
Owners of Wizz Air Holdings Plc 549.0 171.7
Basic earnings per share (€/share) 7 0.02 2.18
Diluted earnings per share (€/share) 7 0.03 1.78
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 MARCH 2026
Note 31 March 2026 31 March 2025
€ million € million
ASSETS
Non-current assets
Property, plant and equipment 8 7,128.1 6,493.0
Intangible assets 114.8 98.9
Restricted cash 2 45.2 36.3
Long-term cash deposits 174.4 -
Deferred tax assets 285.6 334.7
Derivative financial instruments 9 41.9 1.8
Trade and other receivables 13 25.1 45.7
Investments in associates 5.7 5.7
Investments in other entities 2 3.7 3.7
Total non-current assets 7,824.5 7,019.9
Current assets
Inventories 305.7 271.9
Trade and other receivables 13 687.0 630.4
Current tax assets 3.7 3.2
Derivative financial instruments 9 542.2 10.3
Restricted cash 2 42.5 42.0
Short-term cash deposits 2 778.4 1,060.2
Cash and cash equivalents 2 1,085.9 597.5
Total current assets 3,445.4 2,615.5
Total assets 11,269.9 9,635.4
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 507.8 (8.0)
Cost of hedging reserve 2.7 (13.8)
Cumulative translation adjustments 17.8 3.3
Retained earnings 207.3 188.6
Capital and reserves attributable to the owners of Wizz Air Holdings Plc 932.1 366.6
Non-controlling interests (3.7) (49.5)
Total equity 928.4 317.1
Non-current liabilities
Borrowings 10 6,138.5 5,070.6
Convertible debt 2,16 24.7 25.2
Deferred income 11 203.9 166.5
Derivative financial instruments 9 43.6 13.4
Trade and other payables 13 103.6 69.5
Provisions for liabilities and charges 12 279.1 201.2
Total non-current liabilities 6,793.4 5,546.3
Current liabilities
Trade and other payables 13 1,301.0 1,038.8
Current tax liabilities 3.1 18.6
Borrowings 10 815.9 1,517.9
Convertible debt 2,16 1.1 0.3
Derivative financial instruments 9 11.7 29.2
Deferred income 11 1,180.1 1,013.3
Provisions for liabilities and charges 12 235.2 153.9
Total current liabilities 3,548.1 3,772.0
Total liabilities 10,341.5 9,318.3
Total equity and liabilities 11,269.9 9,635.4
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
Share capital Share premium Reorganisation reserve Equity part of convertible debt Cash flow hedging reserve Cost of hedging reserve Cumulative translation adjustments (Accumulated losses)/Retained earnings Total Non-controlling interest Total
equity
€ million € million € million € million € million € million € million € 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/(expense):
Profit/(loss) for the year - - - - - - - 2.2 2.2 (0.9) 1.3
Other comprehensive income/(expense) - - - - 515.8 16.5 14.5 - 546.8 4.1 550.9
Total comprehensive income/(expense) for the year - - - - 515.8 16.5 14.5 2.2 549.0 3.2 552.2
Transactions with owners in their capacity as owners:
Change of NCI without a change in control (Note 23) - - - - - - - - - 42.6 42.6
Share-based payment charge - - - - - - - 17.1 17.1 - 17.1
Total transactions - - - - - - - 16.5 16.5 42.6 59.1
with owners in their capacity as owners:
Balance at 31 March 2026 - 381.2 (193.0) 8.3 507.8 2.7 17.8 207.3 932.1 (3.7) 928.4
FOR THE YEAR ENDED 31 MARCH 2025
Share Share Reorganisation reserve Equity part of convertible debt Cash flow hedging reserve Cost of hedging reserve Cumulative translation adjustment Retained earnings/(Accumulated losses) Total Non-controlling interest Total
capital premium equity
€ million € million € million € million € million € 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/(expense):
Profit/(loss) for the year - - - - - - - 225.8 225.8 (11.9) 213.9
Other comprehensive (expense)/income - - - - (21.8) (32.8) 0.5 - (54.1) 0.1 (54.0)
Total comprehensive income/(expense) for the year - - - - (21.8) (32.8) 0.5 225.8 171.7 (11.8) 159.9
Transactions with owners in their capacity as owners:
Share-based payment charge - - - - - - - 11.5 11.5 - 11.5
Total transactions - - - - - - - 11.5 11.5 - 11.5
with owners in their capacity as owners:
Balance at 31 March 2025 - 381.2 (193.0) 8.3 (8.0) (13.8) 3.3 188.6 366.6 (49.5) 317.1
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
2026 2025
Note € million € million
Cash flows from operating activities
Profit before income tax 27.0 19.7
Adjustments for:
Depreciation 8 1,146.8 939.9
Amortisation 31.8 26.9
Financial income 5 (73.6) (82.1)
Financial expenses 5 267.8 249.5
Unrealised fair value (gains)/losses on derivative financial instruments (62.8) 11.6
Unrealised foreign currency gains (170.2) (31.5)
Realised non-operating foreign currency losses/(gains) 84.7 (6.5)
Gain on sale of property, plant and equipment (261.0) (121.3)
Share-based payment charges 17.1 11.5
Other non-cash operating income (8.8) (19.1)
998.8 998.6
Changes in working capital
Decrease in trade and other receivables 61.0 17.8
(Increase)/decrease in inventory (25.8) 67.8
Increase in provisions 1.3 3.4
Decrease in trade and other payables (2.6) (198.0)
Increase in deferred income 11 166.5 215.1
200.4 106.1
Cash generated by operating activities before tax 1,199.2 1,104.7
Income taxes paid (19.6) (39.1)
Net cash generated by operating activities 1,179.6 1,065.6
Cash flows from investing activities
Purchase of aircraft maintenance assets (41.6) (23.9)
Purchase of tangible and intangible assets (366.5) (258.8)
Proceeds from the sale of tangible assets 802.6 303.6
Advances paid for aircraft and spare engines 8 (245.0) (362.8)
Refund of advances paid for aircraft and spare engines 8 471.3 303.9
Interest received 80.3 75.9
Release of restricted cash 57.0 37.7
Increase in restricted cash (70.4) (7.2)
Release of cash deposits 1,851.6 1,136.3
Increase in cash deposits (1,788.0) (1,466.0)
Payment for acquisition of investments - (2.1)
Net cash generated by/(used in) investing activities 751.3 (263.4)
Cash flows from financing activities
Proceeds from new loans* 79.2 245.6
Repayment of loans* 23 (791.4) (720.0)
Interest paid on loans* 23 (234.7) (207.1)
Repayment of unsecured debt (500.0) -
Interest paid on unsecured debt (5.0) (5.0)
Proceeds from secured debt 22.8 -
Repayment of secured debt - (240.8)
Interest paid on secured debt - (9.5)
Transactions with non-controlling interests 23 30.0 -
Repayment of other loan 16 (23.6) -
Other interest paid (4.8) (1.9)
Net cash used in financing activities (1,427.5) (938.7)
Net increase/(decrease) in cash and cash equivalents 503.4 (136.5)
Cash and cash equivalents at the beginning of the financial year** 596.9 716.4
Effect of exchange rate fluctuations on cash and cash equivalents (16.7) 17.0
Cash and cash equivalents at the end of the year** 1,083.6 596.9
* Mostly JOLCO, FTL, FL and IFRS 16, 'Leases' repayments and
interest payments. See Note 10 for cash payments for lease.
** Cash and cash equivalents at 31 March 2026 include
€516.0 million (31 March 2025: €525.3 million; 31 March 2024:
€359.4 million) of cash at bank and €569.7 million (31 March 2025:
€72.2 million; 31 March 2024: €145.6 million) of cash deposits maturing
within three months of inception, €0.3 million in money market funds
(31 March 2025: €nil million; 31 March 2024: €223.4 million) and
overdrafts (repayable on demand) of €2.3 million (31 March 2025:
€0.6 million; 31 March 2024: €12.0 million), which are an integral part
of cash management activities.
NOTES FORMING PART OF THE CONDENSED FINANCIAL STATEMENTS
1. Material accounting policies and basis of preparation
The material accounting policies applied in the presentation of these
condensed consolidated financial statements are set out below. These policies
have been consistently applied to all the years presented, unless otherwise
stated.
Basis of preparation
These condensed consolidated financial statements combine the financial
information of the Company and its subsidiaries. The audited consolidated
financial statements have been prepared and approved by the Directors in
accordance with International Financial Reporting Standards as adopted by
the European Union and IFRS Interpretations Committee guidance.
The financial statements are presented in Euro (EUR or €).
The Company rounds each amount and percentage individually from the fully
accurate number to the figure disclosed in the condensed consolidated
financial statements. As a result, some amounts and percentages do not total
- though such differences are all trivial.
The accounting policies applied are consistent with those adopted and
disclosed in the Group's most recently published consolidated financial
statements for the year ended 31 March 2026.
The condensed consolidated financial statements have been prepared under the
historical cost convention, modified by the revaluation of financial assets
and financial liabilities (including derivative instruments) at fair value
through profit or loss.
The preparation of the condensed consolidated financial statements in
conformity with adopted IFRS requires the use of certain critical accounting
estimates and for management to exercise judgments in the process of
applying the Group's accounting policies. The areas involving a high degree of
judgment or complexity or areas where assumptions and estimates involving
significant uncertainty carry a risk of causing material adjustment to the
carrying value of assets and liabilities in the coming year are disclosed in
Note 3.
The condensed consolidated financial statements do not constitute the Group's
full financial statements for the year ended 31 March 2026.
Going concern
Basis of Preparation and Assessment Period
Wizz Air's business activities, financial performance and financial position,
together with factors likely to affect its future development and performance,
are described in the Strategic Report section of the Annual Report and
Accounts on pages 4 to 34. Emerging and principal risks and uncertainties
facing the Group are described on pages 21 to 28. Note 2 sets out the
Group's objectives, policies and procedures for managing its capital and
liquidity and provides details of the risks related to financial instruments
held by the Group.
The Directors have reviewed the Group's latest financial forecasts for a
period of 18 months from the date of approval of the financial statements.
This includes considering the Group's available committed financing for
aircraft and its plans to finance committed future aircraft deliveries (see
Note 32 in our Annual Report and Accounts) due within this period that are
currently unfinanced and takes into account forecast aircraft groundings given
our GTF engine related supply chain issues, associated compensation to
mitigate these issues and likely scenarios associated with the Iran conflict,
closure of the Strait of Hormuz and availability of jet fuel supplies.
Financial Position and Liquidity
At 31 March 2026, the Group held total cash of €2,126.4 million
(including cash and cash equivalents of €1,085.9 million, €952.8 million
in cash deposits and €87.7 million in restricted cash), while net
current liabilities totalled €102.7 million (including deferred income of
€1,180.1 million) and net assets amounted to €928.4 million.
The Group's contractual undiscounted external borrowings comprise:
€308.1 million in ETS financing from Standard Chartered Bank repayable in
September 2027; and convertible debt with a balance of €25.8 million. In
addition, borrowings include a carrying amount of €6,601.0 million from
lease contracts accounted for under IFRS 16 and liabilities related to JOLCO,
FTL and Finance Lease contracts (see Note 10). None of these borrowings
contain any financial covenants and the €500.0 million, 1.00 per cent
Eurobond was repaid in January 2026 out of free cash. Two ratings agencies,
Fitch and Moody's, issued updates during the fourth quarter with Fitch
updating Wizz Air's credit rating to BB with a stable outlook, while Moody's
issued a Ba2 rating with a negative outlook.
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. 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 F26. 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.
Downside Scenario
This base case was then flexed to produce a downside forecast that assumes
lower demand leading to a 3 per cent reduction in RASK in F27, a 5 per cent
reduction in RASK in F28 and a 10 per cent higher fuel cost per metric tonne.
We also increased operating costs by +2% allowing for inflation. These
assumptions were modelled cumulatively across the full going concern period.
The downside case also excludes any assumed financing for our currently
unfinanced aircraft deliveries (see Note 14). Mitigating actions in relation
to the unfinanced aircraft and an assumed sale of owned spare engines were
also considered in the 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 payments 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, Israel and Iran was considered, including the three stranded aircraft
in Ukraine (see Note 8) and restriction in Jet A1 supplies from the Middle
East. 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 Carbon Offsetting and
Reduction Scheme for International Aviation (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 Annual Report and Accounts are
approved. Accordingly, the Directors consider it appropriate to adopt the
going concern basis of accounting in preparing the financial statements.
2. Financial risk management
Financial risk factors
The Group is exposed to market risks relating to fluctuations in commodity
prices, interest rates and currency exchange rates. The objective of financial
risk management at Wizz Air is to minimise the impact of commodity price,
interest rate and foreign exchange rate fluctuations on the Group's earnings,
cash flows and equity. To manage commodity and foreign exchange risks, Wizz
Air uses foreign currency and jet fuel zero-cost collar contracts, jet fuel
swaps and Cross Currency Interest Rate Swaps.
Risk management is carried out by the treasury department under policies
approved by the Board of Directors. The Board provides written principles for
overall risk management, as well as written policies covering specific areas,
such as foreign exchange risk, fuel price risk, credit risk, use of derivative
financial instruments, adherence to hedge accounting, and hedge coverage
levels. The Board has mandated the Audit and Risk Committee of the Board to
supervise the hedging activity of the Group and compliance with the policies
approved by the Board.
Risk analysis
Market risks
Wizz Air operates under a clear set of treasury policies approved by the Board
and supervised by the Audit and Risk Committee.
Given the sustained and ongoing volatility in commodity prices, Wizz Air kept
its systematic jet fuel hedging policy and maintained hedge coverage in line
with the policy and its peers. The hedges under the hedge policy will be
rolled forward quarterly, 18 months out, with coverage levels over time
indicatively reaching between 70 to 95 per cent for the first quarter of the
hedging horizon and 20 to 45 per cent for the last quarter of the hedging
horizon. In line with the hedging policy, Wizz Air also hedges its fuel
consumption-related US dollar exposure in a similar fashion.
Foreign currency risk
The Group is exposed to foreign currency risk on sales, purchases and
commitments that are denominated in a currency other than the functional
currency of its operating entities. The foreign currency exposure of the Group
is predominantly attributable to the following: (i) only a small portion of
the Group's revenues are denominated in, or linked to, the US dollar, while a
significant portion of the Group's expenses are USD-denominated, including
fuel and aircraft leases; and (ii) there are various currencies in which the
Group has significantly more revenues than expenses, primarily the British
pound (GBP) and - to a lesser extent - the Polish zloty (PLN) and the Romanian
leu (RON).
The EUR/USD foreign currency rate is the most significant underlying foreign
currency exposure for the Group. In October 2024, the Wizz Air Board approved
a USD Lease Liabilities Economic Hedging Policy covering a large portion of
foreign exchange risks related to aircraft lease financing denominated in US
dollars. The Group maintains a significant cash reserve in US dollars as a
natural hedge, and builds a coverage ratio of 50-85% entering into Cross
Currency Interest Rate Swap (CCS) contracts. These CCS contracts have 3-year
contract break clauses and are executed with fixed US dollar and fixed euro
legs. At the end of the 2026 financial year, out of our net USD exposure (USD
lease liabilities - USD cash and cash deposits), 83% were covered.
The table below analyses the financial instruments by the currency of future
receipts and payments:
EUR USD Other Total
At 31 March 2026 € million € million € million € million
Financial assets
Trade and other receivables 324.5 209.9 47.9 582.3
Investments in other entities - 3.7 - 3.7
Derivative financial assets 10.7 573.4 - 584.1
Cash and cash equivalents 239.6 752.6 93.7 1,085.9
Cash deposits 30.0 922.8 - 952.8
Restricted cash 12.0 71.6 4.1 87.7
Total financial assets 616.8 2,534.1 145.7 3,296.6
Financial liabilities
Unsecured debt* 2.3 - - 2.3
Secured debt 308.1 - - 308.1
IFRS 16 aircraft and engine lease liability 724.9 3,327.4 - 4,052.3
IFRS 16 other lease liability 9.3 - 8.4 17.7
JOLCO, FTL and FL liability 1,818.1 602.8 110.1 2,531.0
Loans from non-controlling interests - 43.0 - 43.0
Convertible debt 25.8 - - 25.8
Trade and other payables 480.1 306.5 261.0 1,047.6
Derivative financial liabilities 42.8 12.5 - 55.3
Deferred income 5.5 - 2.1 7.6
Total financial liabilities 3,416.9 4,292.2 381.6 8,090.7
Net financial liabilities (2,800.1) (1,758.1) (235.9) (4,794.2)
EUR USD Other Total
At 31 March 2025 € million € million € million € million
Financial assets
Trade and other receivables 323.2 134.4 110.3 567.9
Investments in other entities - 3.7 - 3.7
Derivative financial assets 0.5 11.6 - 12.1
Cash and cash equivalents 254.4 236.8 106.3 597.5
Cash deposits 215.0 845.2 - 1,060.2
Restricted cash 1.3 73.8 3.2 78.3
Total financial assets 794.4 1,305.5 219.8 2,319.7
Financial liabilities
Unsecured debt* 500.9 - - 500.9
Secured debt 271.9 - - 271.9
IFRS 16 aircraft and engine lease liability 775.0 2,866.6 - 3,641.6
IFRS 16 other lease liability 19.6 - 9.9 29.5
JOLCO and FTL lease liability 1,520.1 488.6 122.0 2,130.7
Loans from non-controlling interests - 13.9 - 13.9
Convertible debt 25.5 - - 25.5
Trade and other payables 463.4 114.6 236.5 814.5
Derivative financial liabilities 7.1 35.5 - 42.6
Deferred income 2.8 - 2.7 5.5
Total financial liabilities 3,586.3 3,519.2 371.1 7,476.6
Net financial liabilities (2,791.9) (2,213.7) (151.3) (5,156.9)
* Unsecured debt represents the European Mid Term Note and bank
overdrafts.
Trade and other receivables in this table, and also in the other disclosures
in this Note, exclude balances that are not financial instruments, such as
prepayments, deferred expenses and part of other receivables. Similarly,
trade and other payables and deferred income in this table, and also in the
other disclosures in this Note, exclude balances that are not financial
instruments, such as part of accruals and other payables.
Commodity risks
One of the most significant costs for the Group is jet fuel. The price of jet
fuel can be volatile and can directly impact the Group's financial
performance. See further details regarding jet fuel at market risks and hedge
transactions within this Note.
The Group is also exposed to price risks related to Emissions Trading System
(ETS) schemes. To comply with regulations, ETS allowances must be purchased
and surrendered on a yearly basis. To reduce the exposure to price volatility
and inflation, the Group enters into spot and forward purchase transactions.
As at 31 March 2026, all requirements for the calendar year 2025 and 100
per cent of the total forecast requirements for the calendar year 2026 were
covered. This coverage includes forward purchase agreements to the value of
€384.2 million. These forward purchase agreements qualify for the own use
exemption, and therefore are not accounted for as a financial instrument under
IFRS 9.
Interest rate risk
The Group's objective is to reduce cash flow risk arising from the fluctuation
of interest rates on financing.
The Group has a small portion of future commitments under certain lease
contracts that are based on floating interest rates. The PDP refinancing
credit facility (See Note 10) is a variable rate loan, which was fully
repaid during F25. The floating nature of these interest charges exposes the
Group to interest rate risk. Interest rates charged on Eurobond, convertible
debt liabilities and on the majority of the leases to finance the aircraft are
not sensitive to interest rate movements as they are fixed until maturity.
The Group did not use financial derivatives to hedge its interest rate risk
during the year.
The Group has floating rate instruments within restricted cash, but given
their short-term maturity (within three months), the interest rates are not
expected to move significantly during this short period.
Hedge transactions during the year
The Group uses zero-cost collar instruments and swaps to hedge its jet
fuel-related foreign exchange exposures and jet fuel price exposures. To
ensure an economic relationship, the Group enters into hedge relationships
where the critical terms of the hedging instrument match exactly those of the
hedged item.
The gains and losses arising from hedge transactions during the year were as
follows:
Foreign exchange hedge:
2026 2025
€ million € million
(Loss)/gain recognised within fuel costs
Effective cash flow hedge (26.7) 12.7
Total (loss)/gain recognised within fuel costs (26.7) 12.7
Fuel hedge:
2026 2025
€ million € million
Gain/(loss) recognised within fuel costs
Effective hedge 75.5 (26.2)
Total gain/(loss) recognised within fuel costs 75.5 (26.2)
Year-end open hedge positions
The Group measures its derivative financial instruments at fair value, as
calculated by management using an independent derivative valuation platform.
Such fair values might change materially within the near future, yet 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 year, the Group had the following open hedge positions:
Foreign exchange hedges with derivatives:
Derivative financial instruments
At 31 March 2026 Notional Non-current Current Non-current Current Net
amount assets assets liabilities liabilities liability
US$ million € million € million € million € million € million
Effective cash flow hedge positions 1,240.0 1.6 8.0 - (10.1) (0.6)
Total foreign exchange hedges 1,240.0 1.6 8.0 - (10.1) (0.6)
Derivative financial instruments
At 31 March 2025 Notional Non-current Current Non-current Current Net
amount assets assets liabilities liabilities asset
US$ million € 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 hedges 1,147.0 0.1 8.1 (3.6) (4.2) 0.4
For the movements in other comprehensive income, please refer to the
consolidated statement of changes in equity.
The open foreign currency cash flow hedge positions at year-end can be
analysed according to the maturity periods and price ranges of the underlying
hedge instruments as follows:
EUR/USD foreign exchange hedge:
F27 F28
At 31 March 2026 12 months 6 months
Maturity profile of notional amount (million) $1,044.0 $196.0
Weighted average ceiling $1.1840 $1.1987
Weighted average floor $1.1413 $1.1722
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
Foreign exchange hedge with non-derivatives:
Non-derivatives, such as cash, are existing financial assets or liabilities
that hedge highly probable foreign currency cash flows in the future and
therefore act as a natural hedge.
Fuel hedge with derivatives:
Derivative financial instruments
At 31 March 2026 '000 Non-current Current Non-current Current Net
metric tonnes assets assets liabilities liabilities asset
€ million € million € million € million € million
Effective cash flow hedge positions 1,600.0 29.6 534.2 (2.4) - 561.5
Total fuel hedge 1,600.0 29.6 534.2 (2.4) - 561.5
Derivative financial instruments
At 31 March 2025 '000 Non-current Current Non-current Current Net
metric tonnes assets assets liabilities liabilities liability
€ 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, please refer to the
consolidated statement of changes in equity.
The fuel hedge positions at year end can be analysed according to the maturity
periods and price ranges of the underlying hedge instruments as follows:
F27 F28
At 31 March 2026 12 months 6 months
Maturity profile ('000 metric tonnes) 1,334.0 266.0
Blended capped rate $717.0 $796.0
Blended floor rate $651.0 $717.0
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 $677.0
Effects of hedge accounting on financial position and performance
The effects of the foreign exchange hedges on the Group's financial position
and performance are as follows:
2026 2025
Zero-cost collars
Carrying amount net (liability)/asset (€ million) (0.6) 0.4
Notional amount (US$ million) 1,240.0 1,147.0
Maturity date April 2026- July 2027 April 2025- August 2026
Hedge ratio 1:1 1:1
Change in fair value of outstanding hedging instruments (€ million) (5.4) (1.6)
Change in value of hedged item used to determine hedge effectiveness (€ 5.4 1.6
million)
The effects of the fuel hedges on the Group's financial position and
performance are as follows:
2026 2025
Zero-cost collars
Carrying amount net asset/(liability) (€ million) 561.5 (24.5)
Notional amount ('000 metric tonnes) 1,600.0 1,726.5
Maturity date April 2026- August 2027 April 2025- August 2026
Hedge ratio 1:1 1:1
Change in fair value of outstanding hedging instruments (€ million) 565.6 (8.7)
Change in value of hedged item used to determine hedge effectiveness (€ (565.6) 8.7
million)
Swaps
Carrying amount - 0.2
Notional amount ('000 metric tonnes) - 26.5
Maturity date - April 2025- May 2025
Hedge ratio - 1:1
Change in fair value of outstanding hedging instruments (€ million) - 0.2
Change in value of hedged item used to determine hedge effectiveness (€ - (0.2)
million)
Hedge effectiveness
The effectiveness of hedges is tested prospectively to determine the
appropriate accounting treatment of open positions. 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. Building on these estimations of
the future, management makes a judgement 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 financial year
ending on 31 March 2026 or during the financial year ending
on 31 March 2025.
None of the hedge counterparties had a material change in their credit status
that would have influenced the effectiveness of the hedging transactions.
Sensitivity analysis
The table below shows the sensitivity of the Group's profits to various market
risks for the current and the previous year, excluding any hedge impacts.
2026 2025
Difference in profit before tax Difference in profit before tax
€ million € million
Fuel price sensitivity
Fuel price $100 higher per metric tonne -165.6 -171.1
Fuel price $100 lower per metric tonne +165.6 +171.1
FX rate sensitivity (USD/EUR)
FX rate 0.05 higher (meaning EUR stronger) 216.4 214.3
FX rate 0.05 lower -236.0 -235.3
FX rate sensitivity (GBP/EUR)
FX rate 0.03 higher (meaning EUR stronger) -12.4 -17.0
FX rate 0.03 lower 13.3 18.3
Interest rate sensitivity (EUR)
Interest rate is higher by 100 bps 19.3 17.6
Interest rate is lower by 100 bps -19.4 -17.7
The Group is primarily exposed to changes in the EUR/USD foreign exchange
rate. The sensitivity of profit or loss to changes in the exchange rates
arises mainly from US dollar lease liabilities and jet fuel-related US dollar
exposure.
The interest rate sensitivity calculation above considers the effects of
varying interest rates on the interest income on bank deposits, current
account balances and floating rate leases.
The table below shows the sensitivity of the Group's other comprehensive
income to various market risks for the current and the previous year. These
sensitivities relate to the impact of market risks on the balance of the cash
flow hedging reserve (which includes gains and losses related to open cash
flow hedges both for foreign exchange rates and the jet fuel price).
2026 2025
Difference Difference
€ million € million
Fuel price sensitivity
Fuel price $100 higher per metric tonne 115.1 163.3
Fuel price $100 lower per metric tonne -115.1 -163.3
FX rate sensitivity (USD/EUR)
FX rate 0.05 higher (meaning EUR stronger) 23.2 -1.1
FX rate 0.05 lower -23.2 1.1
Fuel volume sensitivity (metric tonnes)
100,000 metric tonnes reduction in forecast fuel purchases 31.5 -0.8
100,000 metric tonnes increase in forecast fuel purchases -31.5 0.8
The sensitivity analyses above for 2026 were performed with reference to the
following market rates, as the base case:
▶for profits, annual average rates: jet fuel price $791 per metric tonne;
EUR/USD FX rate 1.16; EUR/GBP FX rate 0.86; and
▶for other comprehensive income, year-end spot rates: jet fuel price $1726
per metric tonne; EUR/USD FX rate 1.15.
Liquidity risks
Prudent liquidity risk management implies maintaining sufficient cash and the
availability of funding. The financial year 2026 had significant price
fluctuations, influenced by geopolitical tensions, changes in interest rates
and economic uncertainties. These challenges impacted our supply chain,
operational capacity and the liquidity position of the Group. In response, a
number of actions are being taken to improve costs and liquidity, the most
important ones being:
▶continuing to ensure that operated flights deliver positive cash
contributions;
▶securing nearly all lease financing for aircraft delivery positions until
March 2027 (Note 32);
▶working with suppliers to reduce contracted rates and improve payment
terms;
▶reducing discretionary spending and suspending non-essential capital
expenditures;
▶extended the EMTN programme in December 2025 and repaid the outstanding
four-year €500 million bond that matured in January 2026;
▶rolled over the ETS sale and repurchase agreement with a balance of
€307.5 million;
▶working with acquiring banks to expand our ticket sales capacity. These
banks will share a portion of the credit risk for paid tickets that have not
been flown, without needing to provide collateral.
As a result of these measures, the Group is confident in its ability to
maintain sufficient liquidity in the case of further unexpected events or
increases in commodity prices. For further notes, please refer to the going
concern assessment under Note 1.
The Group invested excess cash primarily in US dollar- and euro-denominated
short-term time deposits with bank counterparties with minimum "A" credit
ratings.
See table in Note 10 that analyses the carrying amount of the Group's
borrowings into relevant maturity groupings based on the remaining period at
the statement of financial position date.
The Group has obligations under financial guarantee contracts. The most
significant financial guarantee contracts relate to aircraft leases, hedging
and Convertible Notes. For these items, the respective underlying liabilities
are reflected in the appropriate line of the financial liabilities part of the
table above (for leases, the liability is presented under borrowings). Since
the liability itself is already reflected in the table, it would not be
appropriate to include the financial guarantee provided by another Group
entity for the same obligation as well.
Management does not expect that any payment under these guarantee contracts
will be required by the Company.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or
counterparty to a financial instrument fails to meet its contractual
obligations. The Group's exposure to credit risk from individual customers is
limited as most of the payments for flight tickets are collected before the
service is provided.
However, the Group has significant banking, hedging, aircraft manufacturer and
card-acquiring relationships that represent counterparty credit risk. The
Group analysed the creditworthiness of the relevant business partners to
assess the likelihood of non-performance of liabilities and therefore assets
due to the Group. The credit quality of the Group's financial assets is
assessed by reference to external credit ratings (published by Standard &
Poor's or similar institutions) of the counterparties as follows:
A A- Other Unrated Total
At 31 March 2026 € million € million € million € million € million
Financial assets
Cash and cash equivalents 993.5 80.7 5.2 6.6 1,085.9
Cash deposits 644.0 308.8 - - 952.8
Restricted cash 77.6 - - 10.0 87.7
Trade and other receivables 4.5 1.9 28.2 547.6 582.2
Derivative financial assets 584.1 - - - 584.1
Investments in other entities - - - 3.7 3.7
Total financial assets 2,303.7 391.5 33.3 567.9 3,296.5
A A- Other Unrated Total
At 31 March 2025 € million € million € million € million € million
Financial assets
Cash and cash equivalents 516.0 47.5 30.9 3.0 597.5
Cash deposits 954.1 106.2 - - 1,060.3
Restricted cash 78.3 - - - 78.3
Trade and other receivables 4.1 3.3 5.8 554.7 567.9
Derivative financial assets 8.3 3.8 - - 12.1
Investments in other entities - - - 3.7 3.7
Total financial assets 1,560.8 160.8 36.7 561.4 2,319.8
Within the unrated category of trade and other receivables, the Group has
€7.9 million (2025: €25.1 million) in receivables from different
aircraft lessors in respect of maintenance reserves and lease security
deposits paid. However, given that the Group physically possesses the
aircraft owned by the lessors and the Group has significant future lease
payment obligations towards the same lessors, management does not consider the
credit risk on maintenance reserve receivables to be material. Most of the
remaining balance in this category in both years relates to ticket sales
receivables from customers and non-ticket revenue receivables from business
partners. These balances are spread between a significant number of
counterparties and the credit performance in these channels has historically
been good.
Based on the information above, management does not consider the counterparty
risk of any of the counterparties to be material, and therefore no fair value
adjustment was applied to the respective cash or receivable balances.
Fair value estimation
The Group classifies its financial instruments based on the technique used for
determining fair value into the following categories:
Level 1: Fair value is determined based on quoted prices (unadjusted) in
active markets for identical assets or liabilities.
Level 2: Fair value is determined based on inputs other than quoted prices
that are observable for the asset or liability, either directly or indirectly.
Level 3: Fair value is determined based on inputs that are not based on
observable market data (that is, on unobservable inputs).
The following table presents the Group's financial assets and liabilities
measured at fair value as at 31 March 2026:
Level 1 Level 2 Level 3 Total
€ million € million € million € million
Assets
Investments in other entities - - 3.7 3.7
Derivative financial instruments - 584.1 - 584.1
Cash and cash equivalents 0.3 - - 0.3
Liabilities
Derivative financial instruments - 55.3 - 55.3
The following table presents the Group's financial assets and liabilities
measured at fair value as 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
Liabilities
Derivative financial instruments - 42.6 - 42.6
The Group measures its derivative financial instruments at fair value,
calculated by a third-party front office system or determined by the financial
institutions issuing the respective derivative that falls into the Level 2
category. The front office platform provides comprehensive risk management
capabilities, using generally accepted valuation techniques, principally the
Black-Scholes model and discounted cash flow models. The fair value of
investments in other entities is estimated using Level 3 methodology.
All the other financial assets and financial liabilities are measured at
amortised cost.
Capital management
The Group's objectives when managing capital are: (i) to safeguard the Group's
ability to continue as a going concern in order to provide returns for
Shareholders and benefits for other stakeholders; (ii) to secure funds at
competitive rates for its future aircraft acquisition commitments (see
Note 14); and (iii) to maintain an optimal capital structure to reduce the
overall cost of capital.
The current sources of capital for the Group are equity as presented in the
statement of financial position, bonds and other borrowings (see Note 10),
as well as, to a lesser extent, convertible debt.
Wizz Air's strategy is to hold significant cash and liquid funds to mitigate
the impact of potential business disruption events and to invest in
opportunities as they come along in an increasingly volatile market
environment. Accordingly, the Group has so far retained all profits and paid
no dividends and financed all its aircraft and most of its spare engine
acquisitions through sale and leaseback agreements. The Group furthered its
financing options through the establishment in January 2021 of a €3.0
billion European Mid Term Note (EMTN) programme and issuance of its debut bond
by Wizz Air Finance Company B.V., unconditionally and irrevocably guaranteed
by Wizz Air Holdings Plc. Wizz Air renewed the EMTN programme without a new
issuance in December 2025 and repaid the outstanding four-year €500 million
bond that matured in January 2026. In addition, the Group entered into a
repurchasing agreement utilising its large inventory of ETS units.
The existing aircraft orders of the Group create a need for raising
significant amounts of capital in the coming years. The strategy of the Group
is to ensure that it has access to various forms of long-term financing, which
in turn allows the Group to further reduce its cost of capital and the cost of
ownership of its aircraft fleet.
3. Critical accounting estimates and judgements made in applying the Group's
accounting policies
a.Maintenance policy
The estimations and judgements applied in the context of the maintenance
accounting policy of the Group impact the balance of: (i) property, plant and
equipment (and, within that, aircraft maintenance assets, as detailed in
Note 8); and (ii) aircraft maintenance provisions (as detailed in Note 12).
Estimate: For aircraft held under lease agreements, provision is made for the
minimum unavoidable costs of specific future maintenance obligations required
by the lease at the time when such obligation becomes certain. The amount of
the provision involves making estimates of the cost of the heavy maintenance
work required to discharge the obligation, including any end-of-lease costs. A
5 per cent increase in the planned costs of heavy maintenance works at
the 31 March 2026 year-end would increase the balance of both aircraft
maintenance assets and aircraft maintenance provisions by €24.4 million.
Estimate: The cost of heavy maintenance is capitalised and recognised as a
tangible fixed asset (and classified as an "aircraft maintenance asset") at
the earlier of: (a) the time the lease re-delivery condition is no longer
met; or (b) when maintenance, including enhancement, is carried out. The
calculation of the depreciation charge on such assets involves making
estimates primarily for the future utilisation of the aircraft. A 15 per cent
change in the F27 forecast aircraft utilisation would result in the same
average utilisation as in F26. This would cause a €5.1 million decrease in
the balance of aircraft maintenance assets.
The basis for these estimates is reviewed annually at least, and also when
information becomes available that is capable of causing a material change to
an estimate, such as the renegotiation of end-of-lease return conditions,
increased or decreased utilisation of the assets, or changes in the cost of
heavy maintenance services.
Judgement: On a lease-by-lease basis, the Group makes a judgement on whether
or not it would perform future maintenance that would impact the condition of
the respective aircraft or spare engine asset in a way that eliminates the
need for paying compensation to the lessor on the re-delivery of the leased
asset. When such maintenance is not expected to be performed, then an accrual
is made for the compensation due to the lessor in line with the terms of the
respective lease contract. The change in the balance of accrued expenses
included a release of €83.4 million on 31 March 2025 based on the
judgement that the Group will perform future maintenance that eliminates the
need to pay compensation to the lessor on the re-delivery of the leased asset.
The related credit was recognised in the statement of comprehensive income
within maintenance, materials and repairs. In the current fiscal year there
was no significant release in connection with the accrued expenses of lessor
compensation.
Judgement: The policy adopted by the Group, as summarised above, is only one
of the policies available under IFRS in accounting for heavy maintenance for
aircraft held under lease agreements. A principal alternative policy involves
recognising provisions for future maintenance obligations in accordance with
hours flown or similar measures, and not only when lease re-delivery
conditions are not met. In the judgement of the Directors, the policy adopted
by the Group, whereby provisions for maintenance are recognised only when
lease re-delivery conditions are not met, provides the most reliable and
relevant information about the Company's obligations to incur major
maintenance expenditure on leased aircraft, and at the same time it best
reflects the fact that an aircraft has lower maintenance requirements in the
early years of its operation. The average age of the Group's aircraft fleet
as at 31 March 2026 was 4.6 years (31 March 2025: 4.5 years). Given
the adopted policy, we currently do not consider that climate change has a
material impact on the maintenance provision.
b.Hedge and derivative accounting
Estimate: The asset and liability balances at year end related to open hedge
instruments can be material. The fair value of derivatives is estimated by a
third-party front office system as per industry practice. As required, the
fair values ascribed to those instruments are also verified by management
using high-level models. Such fair values might change materially within the
next financial year but these changes would not stem from assumptions made by
management or other sources of estimation uncertainty at the end of the year,
but from the movement of 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. A sensitivity analysis for the jet
fuel price and for the FX rate on most relevant currency pairs is included in
Note 2.
Estimate and judgement: The effectiveness of hedges is evaluated prospectively
to ascertain the suitable accounting treatment for hedge gains and losses.
Additionally, designated hedging relationships undergo retrospective
assessment for ineffectiveness, with any ineffective portion subsequently
recognised in the Statement of comprehensive income. 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, which is supported by the models
used to prepare going concern assessments.
Building on these estimations of the future, management exercises judgement on
the appropriate accounting treatment, considering the alignment of hedge
instruments with the Group's risk management objectives and strategies. Hedge
accounting for jet fuel and foreign currency cash flow hedges is discontinued
where the "highly probable" forecast criterion was not met in accordance with
the requirements of IFRS 9.
None of the hedge counterparties had a material change in their credit status
that would have influenced the effectiveness of the hedging transactions.
c.Accounting for aircraft and spare engine assets
Judgement: When the Group acquires new aircraft and spare engines, it applies
the following critical judgements in determining the acquisition cost of these
assets:
▶engine contracts typically include the selection of an engine type to be
installed on future new aircraft, a commitment to purchase a certain number of
spare engines, and lump-sum (i.e. not per engine) concessions from the
manufacturer. Management recalculates the unit cost of engines by allocating
lump-sum credits over all engines ordered and by adjusting costs between
installed and spare engines in a way that ensures that identical physical
assets have an equal acquisition cost; and
▶aircraft acquisition costs are recalculated to reflect the impacts of: (i)
any adjustment to the cost of installed engines (as above); and (ii)
concessions received from the manufacturers of other aircraft components under
selection agreements. Such acquisition cost also has relevance for leased
aircraft when calculating the amount of total gain or loss on the respective
sale and leaseback agreement.
d.Accounting for leases
Judgement: Some of the Group's lease contracts contain options to extend the
lease term for a period of one to two years. The extension option is taken
into account in the measurement of the lease liability only when the Group is
reasonably certain that it would later exercise the option. Such judgement is
made lease by lease, and is relevant both at inception, for the initial
measurement of the lease liability, and also for a subsequent remeasurement of
the lease liability if the initial judgement is revised at a later date.
Judgement: The Group determines the discount rate for leases in accordance
with IFRS 16.26 and assesses, on a lease‑by‑lease basis, whether the
interest rate implicit in the lease can be readily determined from the
contractual terms. Where it can be readily determined, the implicit rate is
applied to discount lease payments; otherwise, the Group uses its incremental
borrowing rate. This determination requires judgement, is not an accounting
policy election, and reflects the specific contractual terms and underlying
economics of each lease.
The estimations made by management in accounting for leases do not materially
impact the asset and liability balances of the Group. The majority of aircraft
and spare engine assets are leased, and as such their period of depreciation
is the shorter of their useful economic lives and lease duration. As these
assets are new at the inception of the lease and typically have a useful
economic life of at least twice the duration of the lease, no further
estimation has been required.
e.Revenue from contracts with other partners
As explained in Note 4, revenue from contracts with other partners relates to
commissions on the sale of onboard catering, accommodation, car rental, travel
insurance, bus transfers, premium calls and co‑branded cards.
Judgement: The Group considers that it is an agent (as opposed to a principal)
in relation to all its contracts with other partners. Accordingly, Wizz Air
recognises revenue from these contracts on a net (commission) basis.
The provision of onboard catering services is the most significant in value of
these contracts, and it is also the most complex from the perspective of
making the "agent versus principal" assessment/judgement. The Company's
judgement that it is an agent is based on the fact that it is the partner
that: (i) enters into contracts with the passengers/customers and bears the
liability towards them for delivering the products and services; (ii) defines
the majority of the product portfolio, manages the inventory, is responsible
for product availability/outage, has title to the inventory and bears the risk
of loss; and (iii) has discretion in establishing prices. The difference on
this contract between gross sales and net commission revenue (as recognised in
the statement of comprehensive income) was €61.1 million (2025: €57.1
million).
g. Recoverability of deferred tax assets
Estimate: The change in the Group's deferred tax assets and the resulting
deferred tax income amounts to €4.0 million (2025: €219.9 million). The
main components of such changes are detailed in Note 15 to the Annual
Reports and Accounts. Management prepared an estimation of future taxable
profits against which the deductible temporary differences and tax loss
carryforwards giving rise to deferred tax assets can be utilised. This
assessment was based on the medium-term plan approved by the Board for the
following three financial years up to and including March 2029. The risk of
significant adverse changes in cash flows were taken into account by
calculating and weighting management's base case approved plan with a downside
scenario that is consistent with that used in the Group's going concern
assessment. Projected results were extrapolated beyond to mid-term plan period
to assess recoverability of all deferred tax assets. Based on its estimates,
management considered that all deferred tax assets presented in the Group's
consolidated statement of financial position as at 31 March 2026 are
recoverable.
4. Revenue
The split of total revenue presented in the consolidated 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:
2026 2025
€ million € million
Revenue from contracts with passengers 5,620.2 5,197.6
Revenue from contracts with other partners 71.2 70.0
Total revenue from contracts with customers 5,691.4 5,267.6
These two categories represent revenues that are distinct from a nature,
timing and risk point of view. Revenue from contracts with other partners
relates to commissions on the sale of onboard catering, accommodation, car
rental, travel insurance, bus transfers, premium calls and co-branded cards,
where the Group acts as an agent.
The contract costs reported at 31 March 2026 as part of trade and other
receivables amounted to €9.4 million (31 March 2025: €8.9 million) and
the contract liabilities (unearned revenues) reported as part of deferred
income were €1,168.7 million (31 March 2025: €1,003.5 million). Out of
the €5,620.2 million revenue from contracts with passengers recognised
in F26 (F25: €5,197.6 million), €1,003.5 million (F25:
€790.3 million) was included in the contract liability balance at the
beginning of the year (see unearned revenue in Note 26).
5. Net financing income and expense
2026 2025
€ million € million
Interest income 73.6 82.1
Financial income 73.6 82.1
Interest expenses on:
Convertible debt (2.2) (1.9)
IFRS 16 lease liability (168.2) (156.7)
JOLCO, FTL and FL liability (75.3) (59.6)
Unsecured debt (4.7) (5.8)
Secured debt (13.4) (25.0)
Other (4.0) (0.5)
Financial expenses (267.8) (249.5)
Net loss on derivative financial instruments (20.6) (6.4)
Net foreign exchange gains 102.1 26.0
Net financing expense (112.7) (147.8)
Interest income and expenses include interest on financial instruments.
Interest income is earned on cash and cash equivalents, deposits and
restricted cash.
Net loss on derivative financial instruments includes the realised and
unrealised result on the cross currency interest rate swap contracts.
During F26, the EUR/USD exchange rate increased
from 1.08 at 31 March 2025 to 1.15 at 31 March 2026. This resulted
in a foreign exchange gain on remeasuring liabilities denominated in USD,
including a €129.4 million gain (2025: €40.9 million gain) related
to IFRS 16 leases, a €37.7 million gain (2025: €3.9 million gain)
related to JOLCO, FTL and FL liabilities and a foreign exchange gain of
€11.5 million (2025: €25.0 million loss) on remeasured cash and
equivalents, cash deposits and restricted cash in foreign currencies. The
gains were partially offset by a loss of €67.5 million (2025:
€nil million loss) realised on bank deposits with a maturity over 3
months.
6. Income tax charge/(credit)
Recognised in the consolidated statement of comprehensive income:
2026 2025
€ million € million
Current tax on profit for the year 24.3 30.8
Adjustment for current tax of prior years (4.3) (13.8)
Other income-based taxes for the year 9.7 9.1
Adjustment for income-based taxes of prior years - (0.4)
Total current tax expense 29.7 25.7
Decrease in deferred tax liabilities - -
Increase in deferred tax assets (4.0) (219.9)
Total deferred tax credit (4.0) (219.9)
Total tax charge/(credit) 25.7 (194.2)
The Company, Wizz Air Holdings Plc, has a local corporate tax rate of 14.7
per cent (2025: 14.7 per cent). The tax rate relates to Switzerland, where
the Company is tax resident, but does not have any commercial operations. The
tax charges stem from differences in the standalone income levels of
subsidiaries, differences in statutory tax rates applicable for these
subsidiaries and movements in deferred taxes. The increase in tax charges
compared to the previous period is attributable to the lack of significant
deferred tax credits that affected F25.
The deferred tax credit includes tax losses generated at Wizz Air Holdings
Plc due to the closure of operations in Abu Dhabi. The recognition of new
deferred tax assets and liabilities are explained in Note 15.
Reconciliation of effective tax rate
The tax credit for the year (including both current and deferred tax charges
and credits) is different to the Company's standard rate of corporate tax of
14.7 per cent (2025: 14.7 per cent). The difference is explained below.
2026 2025
€ million € million
Profit before income tax 27.0 19.7
Tax at the corporate tax rate of 14.7 per cent (2025: 14.7 per cent) 4.0 2.9
Adjustment for current tax of prior years (4.3) (13.8)
Adjustment for income-based taxes of prior years - (0.4)
Adjustment for deferred tax of prior years - 22.5
Effect of different tax rates of subsidiaries versus the parent company 20.3 (207.7)
Non-deductible expense 4.4 (0.7)
Effect of newly recognised deferred tax assets (14.5) (6.1)
Changes in estimates related to prior period 6.1 -
Other income-based foreign tax 9.7 9.1
Total tax charge / (credit) 25.7 (194.2)
Effective tax rate 95.4% n/a*
The Group paid €19.6 million of tax in the year (2025: €39.1 million).
Other income-based foreign tax represents the local business tax and the
"innovation contribution" payable in Hungary in F26 and F25 by the
Hungarian subsidiaries of the Group, primarily Wizz Air Hungary Limited.
Hungarian local business tax and innovation contribution are levied on an
adjusted profit basis.
The effect of different tax rates on subsidiaries is a combination of impacts
primarily in Hungary, the UK and Malta relating to the subsidiaries of the
Group.
Global minimum tax
Most of the major jurisdictions in which the Group operated in F26, including
Switzerland, Hungary, the United Kingdom, the United Arab Emirates and the
Netherlands have implemented the OECD Pillar Two rules, introducing a global
minimum effective tax rate of 15 per cent for multinational enterprises with
consolidated revenues exceeding €750 million. While Malta has enacted the EU
Global Minimum Tax Directive, the domestic minimum tax is not yet effective;
however, the income of the Group's Maltese subsidiaries falls within the scope
of Pillar Two through the application of Income Inclusion Rules in
Switzerland.
Management is continuously assessing the detailed and developing minimum tax
interpretations. In F26, the income of the Group's Hungarian, Maltese, UK, UAE
and Dutch subsidiaries were within the scope of Pillar Two, but no material
additional tax liability arose as the entities met the applicable transitional
safe harbour conditions.
In line with the exception introduced by a 2023 amendment of IAS 12, 'Income
Taxes', the Group does not account for deferred taxes on "Pillar Two income
taxes" but will account for such taxes as a current tax when incurred in the
future. Therefore, the minimum tax rules had no impact on the recognition and
measurement of deferred tax balances as at 31 March 2026, and hence on the
total tax credit in the year.
Recognised in the statement of other comprehensive income
2026 2025
€ million € million
Deferred tax related to movements in cash flow hedging reserve (52.6) 5.4
Currency translation differences (0.5) -
Total tax credit / (charge) (53.1) 5.4
Interpretation 23, 'Uncertainty over Income Tax Treatments' (IFRIC 23)
The Group has open tax periods in a number of jurisdictions involving
uncertainties of a different nature and materiality. The Group assessed the
impact of uncertainty of each of its open tax positions in line with the
requirements of IFRIC 23. The outcome of this assessment was that the Group
has not identified any material uncertain tax positions for F26. The Group
concluded it was probable that the tax authority would accept the uncertain
tax treatment that has been taken or is expected to be taken in those tax
returns, and therefore accounted for income taxes consistently with that tax
treatment. The final liabilities, as later assessed by the tax authorities,
are not expected to vary materially from the amounts recognised by the Group.
7. Earnings per share
Basic earnings per share
Basic earnings or loss per share is calculated by dividing the profit or loss
attributable to equity holders of the Company by the weighted average number
of Ordinary Shares in issue during each year.
2026 2025
Profit for the year attributable to equity holders of the Company, € million 2.2 225.8
Weighted average number of Ordinary Shares in issue 103,417,477 103,379,218
Basic earnings per share, € 0.02 2.18
There were no Convertible Shares in issue at 31 March 2026 (2025: nill).
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 converting 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 year was 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.
Diluted earnings per share, € 2026 2025
Profit for the year attributable to equity holders of the Company, € million 2.2 225.8
Interest expense on convertible debt (net of tax), € million 2.2 1.9
Profit used to determine diluted earnings per share, € million 4.4 227.7
Weighted average number of Ordinary Shares in issue 103,417,477 103,379,218
Adjustment for assumed conversion on convertible instruments (number) 24,339,359 24,345,392
Weighted average number of Ordinary Shares for diluted earnings per share 127,756,836 127,724,610
Diluted earnings per share, € 0.03 1.78
8. Property, plant and equipment
Land and buildings Aircraft maintenance assets Aircraft assets and parts ** Fixtures and Advances Advances paid RoU assets - aircraft and spare engines RoU assets - other Total
€ million € million € million fittings paid for aircraft maintenance assets € million € million € million
€ million for aircraft and spare engines* € 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 10.0 249.1 806.1 2.4 426.8 71.4 536.2 9.6 2,111.6
Disposals - (102.8) (213.3) (0.2) (303.9) - (277.7) (3.0) (900.9)
Transfers - 110.1 39.0 - (39.0) (110.1) - - -
FX translation - (2.9) 3.9 - - 1.2 6.0 0.8 9.0
At 31 March 2025 47.5 835.1 2,441.8 15.4 926.2 112.4 4,926.2 41.2 9,345.8
Additions 49.1 414.3 683.9 3.5 463.7 69.8 880.9 3.7 2,568.9
Disposals - (213.1) (245.0) (2.7) (508.3) (11.6) (459.8) (13.0) (1,453.5)
Transfers - 65.4 42.6 - (42.6) (65.4) - - -
FX translation - (5.8) (10.3) (0.1) (14.0) (0.3) (11.7) (0.3) (42.5)
At 31 March 2026 96.6 1,095.9 2,913.0 16.1 825.0 104.9 5,335.6 31.6 10,418.7
Accumulated depreciation
At 1 April 2024 7.4 226.9 216.7 10.2 - - 1,841.1 8.8 2,311.1
Depreciation 2.2 238.7 109.9 1.8 - - 583.0 4.3 939.9
Disposals - (101.9) (17.1) (0.3) - - (276.3) (1.5) (397.1)
FX translation - (3.1) 0.4 - - - 1.4 0.2 (1.1)
At 31 March 2025 9.6 360.6 309.9 11.7 - - 2,149.2 11.8 2,852.8
Depreciation 3.0 320.4 179.9 2.0 - - 637.2 4.3 1,146.8
Disposals 0.1 (210.7) (32.0) (2.6) - - (451.5) (2.4) (699.1)
FX translation - (3.0) (3.0) - - - (3.8) (0.1) (9.9)
At 31 March 2026 12.7 467.3 454.8 11.1 - - 2,331.1 13.6 3,290.6
Net carrying amount
At 31 March 2026 83.9 628.6 2,458.2 5.0 825.0 104.9 3,004.5 18.0 7,128.1
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
* Disposals represent the refunds upon delivery of asset 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) structures 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 are not classified as leases under IFRS 16 and are treated as
aircraft assets and parts (as if there were no sale at all) (Note 10).
Other right-of-use (RoU) assets include leased buildings and simulator
equipment. Please refer to Note 10 for details on lease liabilities.
Additions to aircraft maintenance assets (2026:
€414.3 million; 2025: €249.1 million) were fixed assets created
primarily against provisions 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" primarily reflect
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" 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 F26, in the statement of cash flows the cash inflow was a
€471.3 million "refund of advances paid for aircraft" and the cash outflow
was €245.0 million in "advances paid for aircraft".
Additions to "land and buildings" represent the acquisition of the Wizz Air
Headquarters building in Budapest, acquired through the purchase of Duna
Irodaház Limited. As a result, land and buildings increased on 30 January
2026 by €40.8 million. Management has determined the asset's useful life to
be 20 years, with a residual value of €nil.
Before the acquisition in January 2026, the Group leased its headquarters from
Duna Irodaház Limited. This relationship was effectively settled with the
acquisition, resulting in the derecognition of other RoU assets in the amount
of €11.3 million and a corresponding lease liability of €10.6 million.
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 shorter 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 €255.9 million as a gain on sale and leaseback
transactions in the period (2025: €121.3 million).
Short-term wet-lease expenses of €17.9 million were recognised in the
period (2025: €113.0 million).
Impairment assessment
An impairment assessment was performed for the Group's assets, which comprises
a single cash generating unit (CGU) that includes virtually all property,
plant and equipment, the whole aircraft fleet, as well as the intangible
assets of the Group. The recoverable amount of that CGU was estimated by a
fair value less cost of disposal calculation based on cash flows derived from
the medium-term plan approved by the Board for the following three financial
years up to and including March 2029.
The medium-term plan includes the contracted fleet growth, management's
assessment of future trends, trading, and other assumptions - such as
passenger numbers, load factors, commodity prices, foreign exchange rates -
based on external and internal inputs. Climate change related impacts - such
as cost related to sustainable aviation fuel (SAF) and emission trading
schemes (ETS) - were considered based on known legal requirements and
estimated future prices.
Key assumptions for the jet fuel price and USD exchange rate were the
following:
2027 2028 2029
Jet fuel price (USD per metric tonne) 898.0 848.1 848.1
EUR/USD exchange rate 1.148 1.148 1.148
Cash flow projections of the approved plan were extrapolated until March 2030.
For the periods subsequent to that, a terminal value was calculated by
applying a growing perpetuity formula. The growth rate assumed was 2% (2025:
2%). The risk of significant adverse changes in cash flows were taken into
account by calculating and weighting management's base case approved plan with
a downside scenario that is consistent with that used in the Group's going
concern assessment. Long term and climate change related risks that cannot be
estimated with sufficient reliability are excluded from the projections. It
was assumed that incremental costs affecting the industry as whole - such as
increase fuel cost due to SAF requirements or higher jet fuel prices - are
recovered through increased ticket revenue.
The cash flows were discounted by the Group's weighted average cost of capital
(WACC), which is 9.4% (2025: 9.1%).
Sensitivity analysis was performed on reasonably possible changes to
assumptions that result in a long term decrease to operating cash flows
without management being able to mitigate the impact. These changes include 5%
decrease in ticket prices, $200 increase in a fuel price per metric tonne, 1%
increase in WACC, no growth beyond the mid-term forecast horizon.
Management did not identify any reasonable scenario that would cause
impairment.
Aircraft in Ukraine
In February 2022, as a consequence of the geopolitical conflict in Ukraine,
the airspace of Ukraine, Russia and Moldova was closed until further notice.
As a result, four of Wizz Air's aircraft were stranded in Ukraine, with one
aircraft located in Lviv and three aircraft located in Kyiv.
The aircraft in Lviv, together with all six engines from the aircraft located
in Kyiv, were successfully repatriated. Following the completion of airframe
structural checks and engine inspections, the repatriated aircraft and engines
returned to service without the need for significant additional repair work.
The airframes remaining in Kyiv are assessed to be in good condition and free
from damage, based on available photographic evidence and information provided
by local personnel. Preservation maintenance has been performed, and parking
and storage procedures in line with industry standards are in place.
The total net carrying amount of the stranded assets as at the reporting date
is €11.1 million. As these assets are not currently generating cash inflows,
management performed an impairment assessment.
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 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.
9. Derivative financial instruments
2026 2025
€ million € million
Assets
Non-current derivatives
Cash flow hedges 31.2 1.3
Cross-currency interest rate swaps 10.7 0.5
Current derivatives
Cash flow hedges 542.2 10.3
Cross-currency interest rate swaps - -
Total derivative financial assets 584.1 12.1
Liabilities
Non-current derivatives
Cash flow hedges (2.3) (6.3)
Cross-currency interest rate swaps (41.3) (7.1)
Current derivatives
Cash flow hedges (10.1) (29.2)
Cross-currency interest rate swaps (1.6) -
Total derivative financial liabilities (55.3) (42.6)
Derivative financial instruments represent cash flow hedges and cross-currency
interest rate swaps (see Note 2). In the case of cash flow hedges, the full
value of a hedging derivative is classified as a current asset or liability if
the remaining maturity of the hedged item is less than a year. In the case of
cross-currency interest rate swaps, the full value of the derivative is
classified as a current asset or liability if the remaining maturity of the
deal is less than a year.
The changes in the net position of assets and liabilities in respect of open
cash flow hedges are detailed in the consolidated statement of changes in
equity.
The mark-to-market gains (cash flow hedges) were generated on gains on call
options bought (as part of zero-cost collar instruments) that were in the
money at year-end.
The mark-to-market losses (cash flow hedges) were generated on losses on put
options sold (as part of zero-cost collar instruments) that were out of the
money at year-end.
10. Borrowings
2026 2025
€ million € million
Lease liability under IFRS 16 584.4 605.7
Unsecured debt 2.3 500.9
Secured debt - 271.9
Loans from non-controlling interests 43.0 -
Liability related to JOLCO, FTL and FL contracts 186.2 139.4
Total current borrowings 815.9 1,517.9
Lease liability under IFRS 16 3,485.6 3,065.4
Secured debt 308.1 -
Loans from non-controlling interests - 13.9
Liability related to JOLCO, FTL and FL contracts 2,344.8 1,991.3
Total non-current borrowings 6,138.5 5,070.6
Total borrowings 6,954.4 6,588.5
Unsecured debt
On 19 January 2022, Wizz Air Finance Company B.V., a wholly 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. The Eurobond was fully repaid in January 2026. The EMTN
programme was renewed in December 2025.
Bank overdrafts that are repayable on demand and are an integral part of cash
management activities are included within unsecured debt in the amount of
€2.3 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 parties agreed to enter into a new agreement according to which EU
allowances were sold for €307.5 million in March 2026 with a commitment to
repurchase them in September 2027. 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.
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 increased the subscribed capital by €42.6 million (see in
statement of changes in equity) of Wizz Air Abu Dhabi Limited and provided a
cash loan of €30.0 million to help settle relevant Wizz Air Abu Dhabi
third-party liabilities. The loan is repayable on demand.
This loan, together with a €13.0 million (2025: €13.9 million) loan
provided in previous years totalling €43.0 million overall will be settled
with a promissory note issued by the non-controlling interests to Wizz Air Abu
Dhabi Limited in the same amount, in exchange for shares.
Short-term and variable lease payments
The Group recognised a €9.4 million expense relating to short-term leases
(2025: €3.0 million) and a €nil expense relating to variable lease
payments in the period (2025: €nil.
The maturity profile of borrowings as at 31 March 2026 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 58.9 0.2 17.3 2.3 - 43.0 121.7
Between one and three months 53.0 0.5 31.4 - - - 84.9
Between three months and one year 469.8 2.0 137.5 - - - 609.3
Between one and two years 567.2 2.9 181.5 - 308.1 - 1,059.7
Between two and three years 529.0 2.4 187.0 - - - 718.4
Between three and four years 528.1 1.9 310.3 - - - 840.3
Between four and five years 516.0 1.9 206.3 - - - 724.2
More than five years 1,330.4 5.8 1,459.7 - - - 2,795.9
Total borrowings 4,052.4 17.6 2,531.0 2.3 308.1 43.0 6,954.4
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, 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 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
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
The total cash outflow for leases during F26 was €812.3 million (2025:
€761.3 million) and €213.7 million (2025: €165.8 million) for JOLCO,
FTL and FL.
See details on right-of-use assets in Note 8.
11. Deferred income
2026 2025
€ million € million
Non-current liabilities
Deferred income 203.9 166.5
Current liabilities
Unearned revenue 1,168.7 1,003.5
Other 11.4 9.8
1,180.1 1,013.3
Total deferred income 1,384.0 1,179.8
Non-current deferred income represents the value of the benefit for the Group
derived from credits and free aircraft components received from manufacturers
and component suppliers, which will be recognised as a credit (a decrease in
aircraft-related expenses) over the useful life of the respective asset.
The other category of the current deferred income mainly relates to other
incentives and compensation from manufacturers.
Unearned revenue represents the value of tickets paid by passengers for which
the flight service is yet to be performed, 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 €8.0 million (31 March 2025: €32.5 million). Unearned
revenue increased due to higher demand and ticket bookings made further in
advance.
Unearned revenue of €1,168.7 million as
at 31 March 2026 (31 March 2025: €1,003.5 million) will become
revenue during F27 (subject to any cancellations that might happen after the
year end).
12. Provisions for other liabilities and charges
Aircraft maintenance Other Total
€ million € million € million
At 1 April 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 231.2 - 231.2
Charged to profit or loss - 19.7 19.7
Used during the year (153.5) (14.5) (168.0)
FX translation effect (2.1) - (2.1)
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 322.9 - 322.9
Charged to profit or loss - 6.1 6.1
Used during the year (151.6) (4.8) (156.4)
FX translation effect (13.4) - (13.4)
At 31 March 2026 497.1 17.2 514.3
Non-current provisions 262.8 16.3 279.1
Current provisions 234.4 0.8 235.2
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 (see Note 3). 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.
13. Financial instruments
Fair values
The fair values of the financial instruments of the Group together with their
carrying amounts shown in the statement of financial position are as follows:
Carrying amount Fair value Carrying amount Fair value
31 March 2026 31 March 2026 31 March 2025 31 March 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 25.1 25.1 45.7 45.7
Restricted cash 87.7 87.7 78.3 78.3
Derivative financial assets 584.1 584.1 12.1 12.1
Trade and other receivables due within one year 557.2 557.2 522.2 522.2
Cash and cash equivalents 1,085.9 1,085.9 597.5 597.5
Cash deposits 952.8 952.8 1,060.2 1,060.2
Trade and other payables due after more than one year (27.0) (27.0) (16.0) (16.0)
Trade and other payables due within one year (1,020.6) (1,020.6) (798.5) (798.5)
Derivative financial liabilities (55.3) (55.3) (42.6) (42.6)
Convertible debt (25.8) (25.8) (25.5) (25.5)
Borrowings (6,644.0) (6,338.9) (5,815.7) (5,674.4)
Secured debt (308.1) (289.4) (271.9) (261.8)
Unsecured debt (2.3) (2.3) (500.9) (489.7)
Deferred income (7.6) (7.6) (5.5) (5.5)
Net balance of financial instruments (liability) (4,794.2) (4,470.4) (5,156.9) (4,994.3)
The fair value of the Eurobonds is estimated using quoted prices (Level 1),
derivatives (Note 2) 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.
14. Capital commitments
At 31 March 2026, the Group had the following contracted capital commitments:
▶A commitment to purchase 254 Airbus aircraft of the A320 family in the
period 2026-2032. The total commitment is valued at $38.5 billion (€33.6
billion) based on list prices last published in 2018 and escalated annually
until the reporting date based on contract terms (2025: $46.2 billion (€42.6
billion) to purchase 300 Airbus aircraft of the A320 family in the period
2025-2030). At 29 May 2026, out of the 254 aircraft, 33 are subject to
delivery in F27 while financing is already contracted for 27 aircraft. The
Group uses 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. In addition, Original Equipment
Manufacturer (OEM) backstop financing may also be available, supplemented by a
partial self-contribution.
▶The Wizz Air Group has committed to purchasing 45 IAE "neo" (GTF) spare
engines in the period 2026-2028 valued at $1.0 billion (€904.6 million)
based on 2026 list prices. This follows a previous commitment in 2025 valued
at $22.3 million (€20.6 million), based on 2025 list prices, to acquire one
IAE "neo" (GTF) spare engine in 2025. At 29 May 2026, out of the 45 engines,
19 are subject to delivery in F27, however, none of them are covered by
financing contracts.
15. Contingent liabilities
Legal disputes
European Commission state aid investigations
Between 2011 and 2015, the European Commission initiated state aid
investigations with respect to certain arrangements between Wizz Air and the
following airports: Timişoara, Cluj-Napoca, Târgu Mureş, Beauvais and
Girona. In the context of these investigations, Wizz Air has submitted its
legal observations and supporting economic analyses of the relevant
arrangements to the European Commission, which are currently under review. The
European Commission has given notice that the state aid investigations
involving Wizz Air will be assessed on the basis of the new "EU guidelines on
state aid to airports and airlines", which were adopted by the European
Commission on 20 February 2014. Where relevant, Wizz Air has made further
submissions to the European Commission in response to this notification. In
relation to the Timişoara arrangements, the European Commission confirmed on
24 February 2020 that the arrangements did not constitute state aid. We are
awaiting decisions in relation to the other airport arrangements mentioned
herein above. Ultimately, an adverse decision by the European Commission could
result in a repayment order for the recovery from Wizz Air of any amount
determined by the European Commission to constitute illegal state aid. None of
these ongoing investigations are expected to lead to exposure that is material
to the Group.
No provision has been made by the Group in relation to these issues because
there is currently no reason to believe that the Group will incur charges from
these cases.
16. Related parties
Identity of related parties
Related parties are:
▶Indigo Hungary LP and Indigo Maple Hill LP (collectively referred to as
"Indigo" here), because of the shareholding and the appointment of two
Directors to the Board of Directors (all in service at 31 March 2026); and
▶key management personnel (Directors and Officers).
Indigo, Directors and Officers collectively held 16.0 per cent of the Ordinary
Shares of the Company as at 31 March 2026 (2025: 25.7 per cent).
Transactions with related parties
Transactions with Indigo and its affiliates
At 31 March 2026, Indigo held 14,759,645 Ordinary Shares, equal to 14.3 per
cent of the Company's issued share capital (2025: 24,684,895 Ordinary Shares,
23.9 per cent).
Indigo has an interest in convertible debt instruments issued by the Company.
The Company's liability to Indigo, including principal and accrued interest,
was €25.8 million as at 31 March 2026 (2025: €25.5 million).
During the year ended 31 March 2026, the Company entered into the following
transactions:
▶The Company recognised interest expense on convertible debt instruments
held by Indigo in the amount of €2.2 million (2025: €1.9 million).
▶To modulate its near-term fleet growth, the Group took delivery of and
immediately sold three aircraft to an aircraft lessor for onward leasing to a
related airline in exchange for a right to be assigned three future deliveries
from that airline. This resulted in a net gain of €2.3 million recognised in
other income.
Transactions with key management personnel
Officers (members of executive management) and Directors of the Board are
considered to be key management personnel. The compensation of key management
personnel, including Non-Executive Directors, is as follows:
2026 2025
€ million € million
Salaries and other short-term employee benefits 11.2 9.9
Social security costs 1.6 1.2
Share-based payments 13.6 9.6
Total key management compensation expense 26.4 20.7
There were no termination benefits paid to any key management personnel in the
year or the previous year.
The CEO participates in the voluntary pension scheme, which was introduced for
the wider workforce in F26. There were no post-employment benefits or other
long-term benefits provided to any key management personnel in the year or the
previous year.
There were no material transactions with related parties during the financial
year, except as indicated below.
The Group has contracted with companies that are related to the CEO. The total
paid for such goods and services in F26 was €3.8 million (2025: €3.6
million). The main service purchased was to provide machine-learning
capabilities with regard to ticket and ancillary pricing, revenue forecasting
and operational disruption management. The amount paid for this service
in F26 was €3.7 million (2025: €3.5 million), which in the judgement of
the Board was not material. On 31 March 2026, the outstanding amount
payable to the related party was €0.9 million (31 March 2025: €0.7
million).
17. Subsequent events
Based on the assessment conducted, no material subsequent events have been
identified that would necessitate disclosure in the financial statements for
the reporting period.
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
senior management team of the Group 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 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 - 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) x 100
2026 2025
€ million € million
Operating profit 139.7 167.5
Depreciation and amortisation 1,178.6 966.8
EBITDA 1,318.3 1,134.3
Total revenue 5,691.4 5,267.6
EBITDA margin (%) 23.2% 21.5%
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 under the definition of net debt.
Liquidity: liquidity represents cash, cash equivalents and 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.
2026 2025
€ million € million
Cash and cash equivalents 1,085.9 597.5
Short-term cash deposits 778.4 1,060.2
Long-term cash deposits 174.4 -
Total revenue 5,691.4 5,267.6
Liquidity 35.8% 31.5%
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.
2026 2025
€ million € million
Non-current liabilities
Borrowings 6,138.5 5,070.6
Convertible debt 24.7 25.2
Current liabilities
Borrowings 815.9 1,517.9
Convertible debt 1.1 0.3
Current assets
Short-term cash deposits 778.4 1,060.2
Cash and cash equivalents 1,085.9 597.5
Non-current assets
Long-term cash deposits 174.4 -
Net debt 4,941.5 4,956.3
EBITDA 1,318.3 1,134.3
Leverage ratio 3.7 4.4
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.
2026 2025
€ million € million
Operating profit 139.7 167.5
Average Shareholders' equity 622.8 231.4
Average borrowings and convertible debt 6,797.1 6,441.8
Average cash and cash equivalents (841.7) (663.0)
Average cash deposits (1,006.5) (905.7)
Average capital employed 5,571.6 5,104.6
ROCE (%) 2.5% 3.3%
Total cash: non-statutory financial performance measure and comprises/is
calculated from cash and cash equivalents, long-term cash deposits, 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 March 2026 31 March 2025
€ million € million
Non-current assets
Restricted cash 45.2 36.3
Long-term cash deposits 174.4 -
Current assets
Restricted cash 42.5 42.0
Short-term cash deposits 778.4 1,060.2
Cash and cash equivalents 1,085.9 597.5
Total cash 2,126.4 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.
Glossary of terms
Aircraft utilisation/utilisation: the number of hours one aircraft is in
operation on one day. Rationale - Key performance indicator in aviation
business, measurement for one day of 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 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 ASKs (km) x 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 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: 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 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 (euro)/total ASKs (km) x 100.
Fuel price (average US dollar 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 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 aircraft as well as aircraft
under maintenance. 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 total revenue by 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 revenue generation
efficiency.
Calculation: total revenue (euro) / total 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 kilometre
flown by paying passengers.
Calculation: total revenue / RPK
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