Wizz Air Holdings Plc · LSE:WIZZ
Wizz Air — FY2025 Earnings Presentation
24 slides from Wizz Air's earnings presentation, Jun 5, 2025
Slide 1: Wizz Air Holdings Plc F25 Results
WIZZ AIR HOLDINGS PLC F25 RESULTS 5 JUNE 2025 © 2004 - 2025 Wizz Air Group DC1-Internal Data
Slide 2: Cleared for takeoff
Cleared for takeoff Summary: clear path to deliver margin recovery over the next three years Further market Technology Network Margin recovery 01. share wins 02. leadership 03. restructuring 04. = investor returns Returning to double digit top line Increasing gap over market in Focusing on resetting
Slide 3: F25 performance summary
F25 performance summary Fall in total fleet utilization the dominant feature, although small gains made in revenues Passengers carried Total fleet Operating fleet ASKs (bn) Load factor equivalent +2% +11% -0.1% +1% +1pp 62.0m 63.4m 208 231 121.7 121.7 176 179 90.1% 91.2% F24 F25 F24 F25 F24 F25 F24
Slide 4: F25 | A solid base to build from
F25 | A solid base to build from Summary data (€m) F25 F24 YoY RASK (€ cents) F25 F24 YoY Total Revenues 5,267.6 5,073.1 4% Ticket 2.40 2.30 4.1% Fuel costs (1,797.6) (1,855.7) (3%) Ancillary 1.93 1.86 3.7% Non-fuel costs (3,331.7) (2,875.3) 16% Total RASK 4.33 4.17 3.9% ASK (bn) 121.67 121.75 -0.10
Slide 5: F25 | Structural cost inflation impacting the year
F25 | Structural cost inflation impacting the year Cost Summary F25 F24 YoY F25 F24 CASK YoY Comments Cost Cost CASK (€ cents) ➢ Total CASK up 11% YoY, ex-fuel CASK +20% (€m) (€m) (€ cents) ➢ Maintenance and depreciation stood out as areas of heightened Fuel 1,798 1,856 (3%) 1.48 1.52 (3%) unit cost
Slide 6: Depreciation explained
Depreciation explained Capacity Utilization Depreciation cost Capacity held flat due to groundings Utilization of operational aircraft hit Depreciation is mostly a fixed cost ➢ ASKs were unchanged this year vs target, but total fleet utilization ➢ Depreciation is driven by capitalized last year, eve
Slide 7: Depreciation & maintenance evolution
Depreciation & maintenance evolution Depreciation CASK Comments +28.1% Depreciation cost drivers 0.79 ➢ CEO engine depreciation rose by 0.07 ~€61M in F25 vs F24 as the fleet nears 0.05 0.20 end-of-lease 0.62 +5.2% 0.11 0.59 0.06 0.57 ➢ This is driven primarily by strict obligation maintenance deprec
Slide 8: F25 EBIT to FCF conversion
F25 EBIT to FCF conversion F25 EBIT to FCF bridge F25 trend continues (€m) ➢ Depreciation & Amortization, albeit high YoY due to grounded aircraft, +215 -180 adds back significant value as this +284 -123 1,066 is non-cash, helping improve cash flow -927 ➢ Other Operating Cash Flow is comprised prima
Slide 9: F25 | Balance sheet
F25 | Balance sheet Rising liquidity levels despite continuing pay down of non-aircraft related debt Gross cash (in € billions) Comments 1.74 ➢ F25 net debt up slightly YoY from €4.79bn +4.3% 0.08 to €4.96bn after settlement of €146m PDP facility in November 2024 and the 1.59 purchase of engines in
Slide 10: Near term target outlook – too early to guide net profit
Near term target outlook – too early to guide net profit Capacity (ASK) H1 F26 low to mid-teens growth YoY; F26 circa +20% YoY Load Factor Driving >2 ppt YoY F26 RASK Higher than F25 (supported by current bookings) Better fuel CASK; slightly higher ex-fuel CASK due to grounding pressure on fixed F26
Slide 11: Path to expanding margins
Path to expanding margins Technology Leadership Aircraft Ownership ➢ All neo fleet by F29 ➢ Medium-term strategy 01 ➢ Leading share of best-in-class 03 ➢ Lower cost of ownership from A321neos depreciation, interest ➢ New Advantage engine ➢ Higher quality earnings: from ➢ AI adoption accelerates SLB
Slide 12: Path to expanding margins: network optimization
Path to expanding margins: network optimization Thoughtful repositioning of our network to drive profitable growth Removing loss making routes Consolidating within our markets Eliminating net losers from the portfolio Co Stable capacity allocation allows markets to -up ns o mature more quickly • Rig
Slide 13: Network focus: densification of core CEE footprint
Network focus: densification of core CEE footprint Country Current Aircraft Aircraft 5yr Aircraft Mar-26 Comments Bases Mar-20 Mar-25 CAGR Mar-26 YoY Romania 7 26 32 4% 41 28% ➢ We remain confident that growth in the CEE region Poland 5 26 29 2% 36 24% will absorb all our existing order book deliver
Slide 14: Path to expanding margins: technology leadership
Path to expanding margins: technology leadership Wizz Air’s share of capacity derived from new technology is Resolving the current GTF engine issues and the move to the circa twice that of its peers 2nd generation Advantage engine in F28 70% 350 19% 20% 305 60% Wizz 300 281 263 231 15% 50% 250 40% 2
Slide 15: Revised Airbus plan aligned with growth in core markets
Revised Airbus plan aligned with growth in core markets Revised Airbus schedule sees 75 New plan equals 11% 3yr fleet CAGR to F28 before accounting for fewer deliveries than planned by F28 return of GTF groundings Average fleet age (years): ➢ January reset saw a significant reduction in 4.7 4.4 4.2
Slide 16: Path to expanding margins: A320ceo retirements
Path to expanding margins: A320ceo retirements Cost pressure releases with CEO Annual retirements vs total number of aircraft retiring this decade retirements -28 # of aircraft retiring by F29 Retirements per year ➢ Wizz Air has been holding onto older aircraft 114 longer to protect capacity 105 -70
Slide 17: Path to expanding margins: aircraft ownership
Path to expanding margins: aircraft ownership P&L impact of across Other costs (income) / depreciation / maintenance / interest Comments ➢ Wizz Air’s cash balance and improved Sample relative cost utilization positions it to efficiently uses cash to acquire aircraft ➢ Three primary factors are of fo
Slide 18: Ukraine – upside potential from well-planned opportunity
Ukraine – upside potential from well-planned opportunity Wizz Air is the go-to airline to rebuild Ukrainian connectivity The Plan post ceasefire 30 inbound 60 routes 150 routes Enhanced Market Share Opportunity routes Aircraft based locally c.15m seats In 2019, total seat capacity stood at 27m. Wizz
Slide 19: Summary
SUMMARY Heightened unit cost F25 remained significantly distorted by Pratt & Whitney engine issue pressure across most lines GTF cost headwind will substantially unwind over the next two years Tail-end concludes in 2028 Turning point: Moving profit generation back above the operating line; Comparati
Slide 20: Appendix
APPENDIX a a wizzair.com
Slide 21: Hedge program
Hedge program As of 30 May 2025 USD lease FUEL FX EURUSD EU/UK ETS* liabilities** 71% 70% 100% 60% 19% 20% F26 F27 F26 F27 F26 11 months 7 months 11 months 7 months 12 months Weighted average $776 / mt $733 / mt $1.1259 $1.1166 ceiling Weighted average $701 / mt $666 / mt $1.0827 $1.0747 floor *Incl
Slide 22: ESG Leadership
ESG Leadership Lowest emissions, net zero strategy, diverse talent, and customer-first innovation ➢ Lowest emissions in Europe: 52.2g of CO2/RPK in F25 – underpinned by Airbus orderbook and fleet renewal ➢ Achievement awarded by • CAPA – EMEA Most Environmentally Sustainable Airline Group 2024 • Wor
Slide 23: F25 EBIT to FCF conversion
F25 EBIT to FCF conversion F25 EBIT to FCF bridge Comments Net CAPEX includes +215 -180 +284 • Purchase of aircraft maintenance assets = actual -123 1,066 payments for heavy maintenance. Invoices off-set with credit notes are not reported on this line -927 • Purchase of tangible & intangible assets
Slide 24: wizzair.com – Thank you
WL wizzair.com THANK YOU