Earnings release
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RNS Number : 3236SWizz Air Holdings PLC24 July 2025 WIZZ AIR HOLDINGS PLC - RESULTS FOR THE THREE MONTHS TO 30 JUNE 2025 SHARPENING FOCUS THROUGH THIS YEAR LSE: WIZZ Geneva, 24 July 2025: Wizz Air Holdings Plc ("Wizz Air", "the Company" or "the Group"), one of the mostsustainable European airlines, today issues unaudited results for the three months to 30 June 2025 ("firstquarter", "Q1" or "Q1 F26"). For the three months ended 30 June 2025 2024 Change Period-end fleet size 236 218 8.3% ASKs (million km) 32,401 29,179 11.0% Load factor (%) 91.1 91.0 0.0ppt Passengers carried (million) 17.0 15.3 10.6% Total revenue (€ million) 1,428.2 1,259.3 13.4% EBITDA (€ million) 300.2 274.6 9.3% EBITDA Margin (%) 21.0 21.8 (0.8)ppt Operating profit for the period (€ million) 27.5 44.6 (38.3)% Net profit for the period (€ million) 38.4 1.2 3109.3% RASK (€ cent) 4.41 4.32 2.1% Total CASK (€ cent) 4.46 4.30 3.8% Fuel CASK (€ cent) 1.35 1.58 (14.2)% Ex-fuel CASK (€ cent) 3.11 2.72 14.2% Total cash (€ million) 1,964.8 1,736.0 13.2% Net debt (€ million) 4,705.4 4,956.3 (5.1)% Aircraft at end of period includes 3 aircraft in Ukraine, but excludes wet-leased aircraft. For further definition of measures presented refer to "Alternative performance measures (APMs)" section of this document. In addition to marked APMs, other measures presented above incorporate certain non-financial information that management believes is useful when assessing the performance of the Group. For further details refer to "Glossary of terms" section of this document. Comparative figure is total cash balance as at 31 March 2025. Total cash is a non-statutory financial performance measure and comprises cash and cash equivalents (30 June 2025: €1,097.6 million; 31 March 2025: €597.5 million), short-term cash deposits (30 June 2025: €807.7 million; 31 March 2025: 1,060.2) and total current and non-current restricted cash (30 June 2025: €59.5 million; 31 March 2025: €78.3 million). Comparative figure is net debt balance as at 31 March 2025. HIGHLIGHTS ▶ ASK capacity 11.0 per cent higher in Q1 F26 vs last year. ▶ Carried 17.0 million passengers in Q1 F26 (vs 15.3 million in Q1 F24), with a load factor of 91.1 per cent. ▶ Total unit revenue (RASK) increased by 2.1 per cent to €4.41 cents with ticket RASK up by 2.5 per cent to€2.47 cents and ancillary RASK up by 1.6 per cent to €1.94 cents yoy. ▶ EBITDA increased by 9.3 per cent to €300.2 million, with margin expansion to 21.0 per cent. ▶ Operating profit down to €27.5 million (vs €44.6 million in Q1 F25), impacted by higher airport, handling anden-route charges as well as depreciation costs and GTF engine-related groundings. ▶ Net profit increased to €38.4 million, impacted by unrealised foreign exchange tailwind yoy. ▶ Total cash balance increased by 13.2 per cent vs end of March 2025, to €1,964.8 million and net debt declinedby 5.1% per cent to €4,705.4 million, and leverage ratio falling to 4.1x. ▶ GTF engine inspections: 41 aircraft were grounded at the end of June 2025; this compared to 46 parked as atthe end of June 2024. ▶ New agreement signed with Pratt & Whitney to select the PW1100G-JM geared turbofan "(GTF") engine topower Wizz Air's 177 firm Airbus A321neo aircraft on order alongside long-term maintenance serviceagreement and ongoing support package to mitigate impact of groundings. ▶ Strategic realignment and focus on core markets announced on 14 July 2025 with suspension of Wizz Air AbuDhabi operations. József Váradi, Wizz Air Chief Executive Officer commented: "We approach F26 with a clear vision of our strategy to focus our business on markets that satisfy twoimportant criteria. Firstly, to ensure we are operating in so called environmentally benign operating 1 1 1 2,3 2,4 1 2 3 4
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environments and secondly, in markets where we already have or will have market share. We believe our coreCentral and Eastern European (CEE) markets satisfy both these criteria. As such, we have developed initiativesthat steer network design to focus on these markets. We announced the suspension of our Middle Eastern operations from September 1, 2025 onwards and arerationalizing our A321XLR program to ensure we have the right fleet for the network design that delivers thestrategy. We are simultaneously pursuing all avenues to lift the fleet that is grounded due to engine supplychain issues and retiring early as many A320 CEO family aircraft as is feasible. This will require furthermodification to our aircraft delivery schedules to reduce our growth rate to levels that support the demand thisrevised network will require. We continue to focus on operational performance with our completion rate back to leadership standards andimprovement in on-time performance. Our completion rate was 99.15 per cent and our on time performancerate was 76.35 per cent, which was notably up 8.7 ppts from last year. This is the result of our continuous investment in technology, staff training and infrastructure enhancements.We successfully operate almost 800 routes in over 50 countries between 33 bases across Europe and theMiddle East. The well documented issues relating to Pratt & Whitney's GTF engines led to 41 neo aircraft being grounded atthe end of the quarter vs 46 aircraft this quarter last year. However, notwithstanding Wizz Aircarried 17.0 million passengers over the three months ending June, up 10.6% year-on-year and these resultsunderline the sustained demand for our services across Europe and our ability to offer the best value to ourcustomers. On current trading and the outlook, Mr Váradi added:Our management team has demonstrated a high degree of adaptability in recent years when faced by severechallenges, and this year will likely continue to call on that strength as we refocus our business. We see thisencompassing some significant changes to our operations but with active execution and a strong balance sheetto support this, I am excited by the long-term prospects for the company." Q2 OUTLOOKThe near-term outlook is summarised as follows: ▶ Capacity: Q2 ASKs high single digits YoY ▶ Load factor: Flat (from >2 ppt YoY previously); ▶ Q2 RASK: Flat YoY ▶ Q2 CASK: Fuel CASK: down high-single digits. Ex-fuel unit trends expected to improve vs Q1 GTF ENGINE UPDATE ▶ As of 30 Jun 2025, Wizz Air had 41 aircraft on ground due to GTF engine-related inspections. The averagenumber of grounded aircraft for F26 is estimated to be 35, with this comparing favourably to the 44 averageseen in the last fiscal year. (Note: our forecasts remain based on a 300-day engine turnaround time, butfuture updates should reduce this). ▶ Over and above the tainted metal issue, Wizz Air's operations have been impacted by the poorer thanspecified performance of the GTF engine, with a significantly lower time on wing (TOW) before an inspection isrequired. This has compounded the issue of MRO congestion. As such, Wizz Air is carrying over twice thenumber of spare engines now than it would normally expect and is contractually obliged to carry. ▶ Positive news on this front is that the selection agreement signed with Pratt & Whitney in May will give WizzAir access to additional engines so as to accelerate the return to air of the grounded fleet, with this expectednow in F27. FLEET UPDATE ▶ During Q1 F25 Wizz Air took delivery of 10 new A321neo aircraft alongside with 1 new A321XLR aircraft andredelivered 6 A320ceo aircraft, ending the period with a total fleet of 236 aircraft: 31x A320ceo, 41x A321ceo,6x A320neo, 157x A321neo and 1 A321XLR. ▶ The average age of the fleet currently stands at 4.5 years, the youngest fleet among major Europeanairlines, while the average number of seats per aircraft has climbed to 228 as at June 2025. ▶ The share of new "neo" technology aircraft within Wizz Air's fleet has increased to 69.5 per cent. ▶ As at 30 June 2025, Wizz Air's delivery backlog comprises a firm order for 243x A321neo and 46x A321XLRaircraft, a total of 289 aircraft. FINANCIAL UPDATE ▶ During the quarter Wizz Air continued to apply its jet fuel and foreign currency hedging policy. As of 30 June2025, Wizz Air has a hedge coverage of 73 per cent for its jet fuel needs for F26 using mostly zero-cost collarsand jet fuel swaps at a blended price of 700/773 $/mT. For F27, the coverage is 29 per cent at the priceof 661/729 $/mT. The jet fuel-related EUR/USD FX coverage stands at 70 per cent for F26 at 1.09/1.13, whilethe coverage for F27, stands at 28 per cent at 1.10/1.14 rates. ▶ The Group's credit rating was downgraded by Moody's Investor Services on the 17th June 2025 from Ba2 toBa1 keeping outlook negative given the slower than expected recovery driven by the high level of groundingsfrom the GTF engine issue. Fitch downgraded Wizz Air's credit rating on 9th July 2025 from BB+ to BB withstable outlook pointing to the weaker operating performance in F25. ▶ The balance of EU emissions trading scheme credits repurchase agreement remains unchanged, at €284.7million. The inventory must be repurchased from the counterparty by March 2026. ▶ Wizz Air continued to receive OEM compensation from Pratt & Whitney related to the GTF engine issues andit is presented within net other income/(expense) in the consolidated statement of comprehensive income. ESG UPDATE ▶ Rolling 12-month CO ₂ emissions per passenger kilometer declined to 51.7 grams, reflecting a 1.3% year-over-year improvement and marking the lowest level among industry peers. ▶ In April, Wizz Air released Flying Towards Net Zero, its aspirational transition plan focusing on the threepillars of flights, fuel and footprint. This strategy outlines the ambition for decarbonization and calls onstakeholders and regulators to join Wizz Air in ensuring the aviation industry achieves net zero. ▶ Wizz Air was named the world's most emissions-efficient airline by Cirium Flight Emissions Review ranking.
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▶ Wizz Air won the title of Most Sustainable Low-Cost Airline for the fifth consecutive year at the World FinanceSustainability Awards 2025. - Ends - ABOUT WIZZ AIRWizz Air operates a fleet of 237 Airbus A320 and A321 aircraft. A team of dedicated aviation professionalsdelivers superior service and very low fares, making Wizz Air the preferred choice of 63.4 million passengers inFY2025. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ. The company was named oneof the world's top ten safest airlines by airlineratings.com, the world's only safety and product rating agency,and named Airline of the Year by Air Transport Awards in 2019 and in 2023. Wizz Air has also been recognisedas the "Most Sustainable Low-Cost Airline" between 2021-2025 and "Best Airline for Carbon Reduction" byWorld Finance Sustainability Awards in 2024. Wizz Air also received "EMEA's Environmental SustainabilityAirline Group of the Year" by the CAPA-Centre for Aviation Awards for Excellence 2024. For more information: Investors: Mark Simpson, Wizz Air Beata Szanto, Wizz Air investor.relations@wizzair.com Media: Andras Rado, Wizz Air communications@wizzair.com James McFarlane / Eleni Menikou / Charles Hirst, MHP Group wizz@mhpgroup.com Certain information provided in this Press Release pertains to forward-looking statements and is subject to significant risks and uncertainties that may cause actual results to differ materially. It is not feasible to enumerate all the factors and specific events that could impact the outlook and performance of an airline group operating across Europe, the Middle East, and beyond, as Wizz Air does. Some of the factors that are susceptible to change and could notably influence Wizz Air's anticipated results include demand for aviation transport services, fuel costs, competition from both new and established carriers, availability of Pratt & Whitney GTF engines, turnaround times at Engine Shops, expenses related to environmental, safety, and security measures, the availability of suitable insurance coverage, actions taken by governments and regulatory agencies, disruptions caused by weather conditions, air traffic control strikes, revenue performance and staffing issues, delivery delays of contracted aircraft, fluctuations in exchange and interest rates, airport access and fees, labour relations, the economic climate within the industry, passengers' inclination to travel, social, and political factors, including global pandemics, and unforeseen security incidents. Q1 FINANCIAL REVIEW In the first quarter, Wizz Air carried 17.0 million passengers, a 10.6 per cent increase compared to the sameperiod in the previous year and generated revenues of €1,428.2 million, 13.4% higher year-on-year. Theserates compare to capacity measured in terms of ASKs being higher by 11.0%, and seatsbeing higher by 10.6%. The load factor increased by 0.1% to 91.1%. The reported net profit for the firstquarter was €38.4 million, compared to a net profit of €1.2 million in the same period of F25. Summary statement of comprehensive income (unaudited) For the three months ended 30 June 2025 2024 € million € million Change Passenger ticket revenue 799.1 701.8 14% Ancillary revenue 629.1 557.5 13% Total revenue 1,428.2 1,259.3 13% Staff costs (156.8) (137.0) 14% Fuel costs (438.1) (459.9) (5)% Distribution and marketing (37.2) (28.3) 31% Maintenance, materials and repairs (110.8) (94.5) 17% Airport, handling and en-route charges (383.7) (321.8) 19% Depreciation and amortisation (272.7) (230.0) 19% Other expenses* (99.0) (111.8) (11)% Other income* 97.6 168.7 (42)% Total operating expense (1,400.7) (1,214.7) 15% Financial income 17.7 21.9 (19)% Financial expenses (61.8) (60.8) 2% Net (loss)/gain on derivative financial instruments (89.9) - n.m.* Net foreign exchange gains/(losses) 154.5 (10.1) n.m.* Net financing income/(expense) 20.5 (49.0) n.m.* Profit/(loss) before income tax 48.0 (4.5) n.m.* Income tax (expense)/ credit (9.6) 5.7 n.m.* Net profit for the period 38.4 1.2 3109% Net (loss)/profit for the period attributable to: Non-controlling interest (0.9) (4.6)(81)% Owners of Wizz Air Holdings Plc 39.3 5.8 581% * The Group previously presented net other (income)/expense for F24 of €56.9 million. To enhance the presentation this has been split to show other expenses of €111.8 million and other income of €168.7 million separately on the statement of comprehensive income. There was no impact on net income as a result of this change in presentation.
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** n.m.: not meaningful as a variance is more than (-)100 per cent. RevenuePassenger ticket revenue increased by 13.9% to €799.1 million and ancillary (or "non-ticket"revenue) increased by 12.8% to €629.1 million year on year, with a 11.0% higher operated capacity in termsof ASKs and a slightly improved load factor (increased by 0.1%), reflecting management action in balancingpassenger volumes and yield progression. Total revenue per ASK (RASK) increased by 2.1% to €4.41 centsfrom €4.32 cents, with ticket RASK up by 2.5 per cent to €2.47 cents and ancillary RASK up by 1.6 per cent to€1.94 cents year-over-year. Operating expensesOperating expenses for Q1 F26 increased by 15.3% to €1,400.7 million from €1,214.7 million in Q1 F25 mainlydue to the year-on-year capacity and ex-fuel unit cost increase. The total cost per ASK(CASK) increased by 3.8% to €4.46 cents in Q1 F26 from €4.30 Euro cents in Q1 F25, driven by generalinflation in staff, maintenance, airport, handling and en-route cost was partly offset by savings on thediscontinued wet-leased aircraft operation. Fix cost, such as Depreciation and Amortisation (and partially Maintenance as well) are reflecting a growingfleet being underutilized due to the parking of NEO aircrafts and redelivery costs associated with exiting CEOaircraft. These cost increases meant to be offset by the Pratt & Whitney compensation, recognised under Netother income/expense. Staff costs increased by 14.5% to €156.8 million in Q1 F26, up from €137.0 million in Q1 F25, reflecting cost-of-living adjustments to salaries and growing headcount. Fuel expenses decreased by 4.7% to €438.1 million in Q1 F26, from €459.9 million in the same periodof F25 despite the growth in capacity as the average fuel price (including hedge impact) paid by Wizz Airduring Q1 F26 decreased by 13.1% compared to the same period of last year. Distribution and marketing costs increased by 31.3% to €37.2 million in Q1 F26 from €28.3 millionin Q1 F25 reflecting increased revenue in the period. Maintenance, materials and repair costs increased by 17.3% to €110.8 million in Q1 F26 compared to€94.5 million in Q1 F25, mainly due to the inflationary impact on line maintenance services as well as on partpurchases, repairs and the related pool contract. F25 Q1 maintenance cost is further burdened with one-offengine repair costs due to foreign object damages not covered fully by our insurance policy. Airport, handling and en-route charges increased 19.2% to €383.7 million in Q1 F26 versus €321.8 millionin the same quarter of the prior fiscal year due to the higher volume and general inflation. Depreciation and amortisation charges increased by 18.6% in Q1 F26 to €272.7 million, from€230.0 million in Q1 F25. The increase is related to depreciation on the growing fleet combined with asignificantly higher number of engine overhaul events carried out and being depreciated, combined with a1.3% higher aircraft utilisation across the entire fleet (including grounded aircraft), increasing to an averageof 10:03 block hours per aircraft for the first quarter. Other expenses amounted to €99.0 million in Q1 F26, compared to an expense of €111.8 million in the sameperiod of last fiscal year. Among the key drivers, flight disruption cost, including compensation paid tocustomers, increased to €33.9 million in Q1 F26 from €25.9 million in Q1 F25, lease expenses decreased to€11.0 million in Q1 F26 from €39.3 million in Q1 F25 due to discontinued wet lease operation, overhead-related expenses increased to €29.7 million in Q1 F26 from €23.7 million in Q1 F25 and crew related expensesincreased to €20.4 million in Q1 F26 from €14.8 million in Q1 F25. Other income amounted to €97.6 million in Q1 F26, compared to an income of €168.7 million in the sameperiod of last fiscal year which included gains on sale and leaseback transactions and credits and compensationreceived from suppliers. Financial income amounted to €17.7 million in Q1 F26, compared to €21.9 million in Q1 F25, driven by asignificantly lower interest rate realised on our otherwise higher in amount cash deposits in the periodof Q1 F26. Financial expenses amounted to €61.8 million in Q1 F26 compared to €60.8 million in Q1 F25, driven by thegrowing fleet size, the higher interest rate environment and the PDP financing. Net foreign exchange gain was €154.5 million in Q1 F26, compared to a loss of €10.1 million in Q1 F25. Thischange is driven by the Euro significantly strengthening against the US Dollar during Q1 F26, in contrast to theprevious year when the Euro weakened against the Dollar. Income tax was a €9.6 million (Q1 F25: a credit of €5.7 million). The impact on the P&L is primarily driven bychanges in deferred taxes. Net profit for the three months ended on 30 June 2025 was €38.4 million compared to a profit of€1.2 million in the same period of the last year. OTHER INFORMATION 1. Cash Total cash and cash equivalents (including restricted cash and cash deposits with more than 3 monthsmaturity) at the end of the first quarter was €1,964.8 million, of which €1,905.3 million is free cash. Thisrepresents an increase of 13.2 per cent vs the past quarter. 2. Hedging position Wizz Air operates under a clear set of treasury policies approved by the Board and supervised by the Audit andRisk Committee. The hedges under the Hedging Policy will be rolled forward quarterly, 18 months out, withcoverage levels over time reaching indicatively between 65 to 85 per cent for the first quarter of the hedginghorizon and 15 to 35 per cent for the last quarter of the hedging horizon. Hedging instruments are zero costcollars mostly but also Jet Fuel swaps are used for shorter dated exposures. In line with the Hedging Policy,Wizz Air also hedges its fuel consumption-related US Dollar exposure in a similar fashion. Hedge coverages asof 30 June 2025 are set out below: Fuel hedge coverage F26 F27 Period covered 9 months 12 months* Exposure in metric tonnes ('000) 1,608 2,096 Coverage in metric tonnes ('000) 1,175 610 Hedge coverage for the period 73% 29%
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Weighted average ceiling $773 $729 Weighted average floor $700 $661 * As per rolling 18-months policy 9 months are covered in F26. Foreign exchange hedge coverage F26 F27 Period covered 9 months 12 months* Exposure, jet fuel related (million) $1,062 $1,315 Hedge coverage (million) $748 $367 Hedge coverage for the period 70% 28% Weighted average ceiling (EUR/USD) $1.13 $1.14 Weighted average floor (EUR/USD) $1.09 $1.10 * As per rolling 18-months policy 9 months are covered in F26. SensitivitiesPre-hedging, a $10 (per metric ton) movement in the price of jet fuel impacts the F26 (9months) fuel costs by$16.1 million. One cent movement in the EUR/USD exchange rate impacts the F26 (9months) operating expenses by €15.2million. Balance sheet risk mitigationWizz Air is using USD cash and standard EUR USD cross currency swaps to mitigate the profit & loss impactcoming from balance sheet revaluation of USD liabilities. As of 30 June 2025 we had c. $3.8bn USD leaseliability, c. $3.4bn across USD cash and cross currency swaps, therefore uncovered portion was c.$0.4bn 3. Fully diluted share capital The figure of 127,733,907 should be used for the Company's theoretical fully diluted number of shares as at 30June 2025. This figure comprises 103,398,253 issued ordinary shares and 24,246,715 new ordinary shareswhich would have been issued if the full principal of outstanding convertible notes had been fully converted on30 June 2025 (excluding any ordinary shares that would be issued in respect of accrued but unpaid interest onthat date) and 88,939 new ordinary shares which may be issued upon exercise of vested but unexercisedemployee share options. 4. Ownership and Control To protect the EU airline operating license of Wizz Air Hungary Ltd and Wizz Air Malta Ltd (subsidiaries of theCompany), the Board has resolved to continue to apply a disenfranchisement of Ordinary Shares held by non-EEA Shareholders in the capital of the Company. This will continue to be done on the basis of a "PermittedMaximum" of 45 per cent pursuant to the Company's articles of association ("the Permitted Maximum"). Inpreparation for the 2025 Annual General Meeting (AGM), to be held on the 23 July 2025 the Company sent aRestricted Share Notice to Non-Qualifying registered Shareholders, informing them of the number of OrdinaryShares that will be treated as Restricted Shares. ▶a "Qualifying National" includes: (i) EEA nationals, (ii) nationals of Switzerland and (iii) in respect of anyundertaking, an undertaking which satisfies the conditions as to nationality of ownership and control ofundertakings granted an operating licence contained in Article 4(f) of Regulation (EC) No. 1008/2008 of theEuropean Commission, as such conditions may be amended, varied, supplemented or replaced from time totime, or as provided for in any agreement between the EU and any third country (whether or not suchundertaking is itself granted an operating licence); and ▶a "Non-Qualifying National" includes any person who is not a Qualifying National in accordance with thedefinition above. 5. Key statistics For the three months ended 30 June 2025 2024 Change Capacity Number of aircraft at end of period* 236 218 8.3% Number of operating aircraft at end of period** 194 177 9.6% Equivalent aircraft 233.0 210.2 10.8% Equivalent operating aircraft** 189.0 169.2 11.7% Utilisation (block hours per aircraft per day) 10:03 9:55 (17.1)% Utilisation (block hours per operating aircraft per day)** 12:23 12:48 5.6% Total block hours 213,148 197,052 8.2% Total flight hours 185,343 171,017 8.4% Revenue departures 82,712 76,971 7.5% Average departures per day per aircraft 3.90 3.88 0.5% Average departures per day per operating aircraft ** 4.81 5.00 (3.8)% Seat capacity (m) 18.65 16.86 10.6% Average aircraft stage length (km) 1,738 1,730 0.4% Total ASKs (m km) 32,401 29,179 11.0% Operating data RPKs (m km) 29,353 26,700 9.9% Load factor (%) 91.1% 91.0% 0.1% Number of passenger segments (m) 16.98 15.35 10.6% Fuel price (average $ per tonne, including SAF, hedgingimpact and into-plane premium) 714.5 821.8 (13.1)% Foreign exchange rate (average US$/€, including hedge impact) 1.117 1.085 2.9% * Aircraft at end of period in Q1 F25 includes 38 grounded aircraft due to GTF engine inspections and 3 aircraft in Ukraine.
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** Operating aircraft figures in Q1 F25 exclude 38 grounded aircraft due to GTF engine inspections and 3 aircraft in Ukraine. 6. Cost per available seat kilometers (CASK)For the three months ended 30 June 2025 euro cents 2024 euro cents Change Euro cents Fuel costs 1.35 1.58 (14.2)% Staff costs 0.48 0.47 3.1% Distribution and marketing 0.11 0.10 18.3% Maintenance, materials and repairs 0.34 0.32 5.6% Airport, handling and en-route charges 1.18 1.10 7.4% Depreciation and amortisation 0.84 0.79 6.8% Other expenses 0.31 0.38 (20.3)% Other income (0.30) (0.58) (47.9)% Net financial income and expenses 0.14 0.13 2.1% Total CASK 4.46 4.30 3.8% Total ex-fuel CASK 3.11 2.72 14.2% ADDITIONAL INFORMATION 1. Alternative performance measures (APMs) Alternative performance measures are non-IFRS standard performance measures aiming to introduce theCompany's performance in line with management's requirements. The existing presentation is consideredrelevant for the users of the financial statements because: (i) it mirrors disclosures presented outside of thefinancial statements; and (ii) it is regularly reviewed by the Chief Operating Decision Maker for evaluating thefinancial performance of its single operating segment. Ancillary revenue: generated revenue from ancillaries (including other ancillary revenue-related items).Rationale - Key financial indicator for the separation of different revenue lines. Average capital employed: average capital employed is the sum of the annual average equity and interest-bearing borrowings (including convertible debt), less annual average cash and cash equivalents, and short-term cash deposits. Rationale - This key financial indicator is integral for evaluating the profitability andeffectiveness of capital utilisation. Calculation: average equity+interest-bearing borrowings (including convertible debt)-cash and cashequivalents-short-term cash deposits. Earnings before interest, tax, depreciation and amortisation (EBITDA): EBITDA represents the profit orloss before accounting for net financing costs or gains, income tax expenses or credits, and depreciation andamortisation. Rationale - This measure serves as a key financial indicator for the Company, providing insightsinto 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 financialinsights for the Company's performance assessment. Calculation: EBITDA/total revenue (€ million)*100. For the three months ended 30 June 2025 2024 € million € million Operating profit 27.5 44.6 Depreciation and amortisation (272.7) (230.0) EBITDA 300.2 274.6 Total revenue (€ million) 1,428.2 1,259.3 EBITDA Margin (%) 21.0% 21.8% Leverage ratio: the leverage ratio is computed by dividing net debt by the last twelve months' EBITDA.Rationale - It serves as a crucial key financial indicator for the Group, facilitating an assessment of theorganisation's financial leverage and debt management. Calculation: please see the table below. 30 June 2025 30 June 2024 € million € million Non-current liabilities Borrowings 5,489.6 5,713.7 Convertible debt 25.2 25.3 Current liabilities Borrowings 1,095.1 817.0 Convertible debt 0.8 0.8 Current assets Short-term cash deposits 807.7 610.9 Cash and cash equivalents 1,097.6 1,117.4
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Net debt 4,705.4 4,828.6 Additional data to calculate leverage ratio EBITDA for the 9 months ended 31 March 859.8 956.3 EBITDA for the 3 months ended 30 June 300.2 274.6 Total EBITDA for the rolling 12 months 1,160.0 1,230.9 Leverage ratio 4.1 3.9 Liquidity: represents cash, cash equivalents and short-term cash deposits, expressed as a percentage of thelast twelve months' revenue. Rationale - This key financial indicator offers a comprehensive view of the Group'scash position and financial stability. Calculation: please see the table below. 30 June 2025 30 June 2024 € million € million Cash and cash equivalents 1,097.6 1,117.4 Short-term cash deposits 807.7 610.9 Additional data to calculate liquidity Total revenue for the 9 months ended 31 March 4,008.7 3,836.5 Total revenue for the 3 months ended 30 June 1,428.2 1,259.3 Total revenue for the rolling 12 months 5,436.9 5,095.8 Liquidity 35.0% 33.9% Net debt: interest-bearing borrowings (including convertible debt) less cash and cash equivalents. Rationale -Plays a pivotal role as a key financial indicator, offering valuable information regarding the Group's financialliquidity and leverage position. 30 June 2025 31 March 2025 € million € million Non-current liabilities Borrowings 5,489.6 5,070.6 Convertible debt 25.2 25.2 Current liabilities Borrowings 1,095.1 1,517.9 Convertible debt 0.8 0.3 Current assets Short-term cash deposits 807.7 1,060.2 Cash and cash equivalents 1,097.6 597.5 Net debt 4,705.4 4,956.3 Passenger ticket revenue: generated revenue from ticket sales (including other ticket revenue-relateditems). Rationale - Key financial indicator for the separation of different revenue lines. Total cash: non-statutory financial performance measure and comprises/is calculated from cash and cashequivalents, short-term cash deposits and total current and non-current restricted cash. Rationale - This keyfinancial indicator offers a comprehensive view of the Group's cash position and financial stability. Calculation: please see the table below. 30 June 2025 31 March 2025 € million € million Non-current assets Restricted cash 34.0 36.3 Current assets Restricted cash 25.5 42.0 Short-term cash deposits 807.7 1,060.2 Cash and cash equivalents 1,097.6 597.5 Total cash 1,964.8 1,736.0 Total revenue: total ticket and ancillary revenue for the given period. The split of total revenue presented inthe consolidated statement of comprehensive income. Rationale - Key financial indicator for the Company. 2. Glossary of terms Aircraft utilisation/utilisation: the number of hours that one aircraft is in operation on one day. Rationale -Key performance indicator in aviation business, measurement for one-day aircraft productivity. Calculation (for one month): monthly aircraft utilisation equals total block hours divided by number of days inthe month divided by the equivalent aircraft number divided by 24 hours. Calculation (for a longer period thanone month): the given period aircraft utilisation equals the weighted average of monthly aircraft utilisationbased on the month-end fleet counts. Ancillary revenue per passenger: ancillary revenue divided by the number of passengers (PAX) in the givenperiod, which gives the ancillary performance per one passenger. Rationale - Key performance indicator forrevenue performance measurement. Calculation: ancillary revenue/PAX. Available seat kilometres (ASK)/total ASKs: the number of seats available for scheduled passengersmultiplied by the number of kilometres those seats were flown. Rationale - Key performance indicator for
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capacity measurement. Calculation: seats on aircraft*stage length. Average aircraft stage length (km): average distance that an aircraft flies between the departure andarrival 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 thegiven 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 aircraftnumber. CASK (total unit cost): total cost per ASK, where cost is defined as operating expenses and financialexpenses net of financial income. Rationale - Key performance indicator for divisional cost control. Calculation: total operating expenses+financial income+financial expenses/total of ASKs (km)*100. Completion factor or rate: per cent of operated flights compared to scheduled flights. Rationale - Keyperformance 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 aperiod. The count contains spare aircraft, aircraft under maintenance and parked aircraft. Rationale - Keyperformance indicator in aviation business for the measurement of average aircraft available for flying andcapacity. Calculation (for one month): average from the daily fleet count in a given month which includes/excludesdeliveries and redeliveries. Calculation (for a longer period than one month): weighted average of the monthlyequivalent aircraft numbers based on the number of days in the given period. Equivalent operating aircraft or average operating aircraft count: the average number of operatingaircraft 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 whichincludes/excludes deliveries and redeliveries. Calculation (for a longer period than one month): weightedaverage of the monthly equivalent operating aircraft numbers based on the number of days in the givenperiod. Ex-fuel CASK (ex-fuel unit costs): this measure is computed by dividing the total ex-fuel cost by the totalASKs within a given timeframe. Ex-fuel CASK defines the unit ex-fuel cost for each kilometre flown per seat inWizz Air's fleet. Note that: total ex-fuel cost consists of total operating expenses and net cost from financialincome and expense but does not contain fuel costs. Rationale - It serves as an essential performance indicatorfor overseeing divisional cost control. The rationale for employing this metric is rooted in its ability to gaugeand manage non-fuel operating expenses effectively. Calculation: total ex-fuel cost (EUR)/total of ASKs (km)*100. Foreign exchange rate: average foreign exchange rate, plus any hedge deal for the given period, calculatedwith a weighted average method. Rationale - Key performance indicator for Fuel Controlling and Treasuryteams. Fuel CASK (fuel unit cost): this metric is calculated by dividing the total fuel costs (plus additional fuelconsumption 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 forflying one kilometre per seat within Wizz Air's fleet. The rationale behind the use of this measure lies in itseffectiveness as a critical performance indicator for the control and management of fuel expenses. Calculation: total fuel cost (EUR)/total of ASKs (km)*100. Fuel price (average US$ per tonne): average fuel price within a period, calculated as fuel cost (includingother fuel cost-related items) divided by the consumption. Rationale - Key performance indicator for fuel costcontrolling. Gauge: the average seat capacity per aircraft. JOLCO (Japanese Tax Lease) and French Tax Lease: special forms of structured asset financing, involvinglocal tax benefits for Japanese and French investors, respectively. Rationale - These measures are employed toencapsulate specific lease contracts that facilitate enhanced cash utilisation strategies. Load factor (%): the number of seats sold (PAX) divided by the number of seats available on the aircraft(capacity). Rationale - Key performance indicator for commercial and revenue controlling. Calculation: the number of seats sold, divided by the number of seats available. Net fare (total revenue per passenger): average revenue per one passenger calculated by total revenuedivided by the number of passengers (PAX) during a specified period. Rationale - This metric is a crucialperformance indicator for commercial control, offering insights into the overall revenue generated perpassenger. 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 blockhours divided by number of days in the month divided by the equivalent operating aircraft number divided by24 hours. Calculation (for a longer period than one month): the given period operating aircraft utilisationequals the weighted average of monthly operating aircraft utilisation based on the month-end operatingaircraft counts. Passengers (alternative names: passengers carried, PAX): passengers who bought a ticket (thus makingrevenue for the Company) for a revenue sector. Rationale - Key performance indicator for Commercialcontrolling team. Calculation: sum of number of passengers of all revenue sectors. PDP: refers to the pre-delivery payments made under the Group's aircraft purchase agreements. Thesepayments 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 inits fleet and that are leased and/or owned at the end of the given period. The count contains spare aircraft,
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aircraft under maintenance and parked aircraft. Rationale - Key performance indicator in aviation business forthe 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 areleased 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 aperiod end. Calculation: sum of operating aircraft at the end of the given period. RASK: RASK is determined by dividing the total revenue by the total ASK. This measure characterises the unitnet revenue performance for each kilometre flown per seat within Wizz Air's fleet. Rationale - It serves as apivotal performance indicator for commercial control, providing insights into the revenue generation efficiency. Calculation: total revenue (EUR)/total of ASKs (km)*100. Revenue departures or sectors: flight between departure and arrival airport where Wizz Air generatesrevenue 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 fortheir tickets. Rationale - Key performance indicator for revenue measurement. Calculation: number of passengers*stage length. Seat capacity/capacity: the total number of available (flown) seats on aircraft for Wizz Air within a givenperiod (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 thegiven 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'sparking place for the purpose of starting a flight until the moment the aircraft's brakes are applied at thearrival airport's parking place. Rationale - Key performance indicator in aviation business, measurement foraircraft'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 offlight until the moment the aircraft lands at the runway of the arrival airport. Rationale - Key performanceindicator 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 - Thismeasure is integral for assessing and controlling commercial performance by quantifying the revenue derivedfrom each kilometre flown by paying passengers. Calculation: the total revenue/RPK. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a PrimaryInformation Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, pleasecontact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in thiscommunication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS andthe London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END QRFPKNBDKBKBDOB