Wizz Air Holdings Plc · LSE:WIZZ
Wizz Air — Q1 F22 Earnings Presentation
18 slides from Wizz Air's earnings presentation, Jul 28, 2021
Slide 1: Wizz Air Holdings Plc Q1 F22 Results
WIZZ AIR HOLDINGS PLC Q1 F22 RESULTS 28 JULY 2021 F22 is the financialyear ended 31 March 2022
Slide 2: Q1 F22 Highlights
Q1 F22 | HIGHLIGHTS Progressive recovery through the quarter as we ramped up for summer Cash positive quarter; liquidity at EUR 1.7bn end June 2021 Investment-grade credit rating with Fitch and Moody’s maintained Moved to 90% of 2019 capacity during July and 100% during August Cautious on making pre
Slide 3: Q1 F22 Key Business Metrics
Q1 F22 | KEY BUSINESS METRICS vs Q1 F21 Passengers 3.0m (+318%) Aircraft* 141 (+27) Airports 167 (+3) Bases 44 (+11) Countries 48 (+2) 2020 Airline of the Year 1st airline with EASA AoC Most sustainable company in the airline industry 2021 *end June 2021 PAGE 3
Slide 4: Q1 F22 Financial Performance
Q1 F22 | FINANCIAL PERFORMANCE Q1 F22 Q1 F21 Change Revenue (€m) 199.0 90.8 119.2% Underlying EBITDA (€m)* (22.1) 8.9 n.m. Underlying EBITDA margin (%) (11.1) 9.8 (20.9)ppts Statutory net profit/(loss) (€m) (114.4) (108.0) 5.9% Statutory net profit/(loss) margin (%) (57.5) (119.0) 61.5ppts Underlyin
Slide 5: Q1 F22 Continued ULCC Focus
Q1 F22 | CONTINUED ULCC FOCUS CASK (€ cent) Quarterly Cost (€m) Q1 F22 Q1 F21 Q1 F20 Q1 F22 Q1 F21 Change Fuel 0.86 3.30 1.12 63.5 68.7 -7.6% Staff costs 0.47 1.41 0.32 34.5 29.3 17.7% Distribution & marketing 0.10 0.21 0.07 7.3 4.4 65.9% Maintenance, materials & repairs 0.56 0.98 0.24 41.6 20.5 102
Slide 6: Q1 F22 Strong Cash Position
Q1 F22 | STRONG CASH POSITION 1,617 1,663 163 169 1,202 Cash positive quarter Continuous focus on cost and contribution positive flying Growing unflown revenue although higher cash costs as capacity ramped up 1,448 1,500 Investment grade balance sheet maintained 31 Mar 21 € million 30 Jun 21 Free Ca
Slide 7: F21 Cash Positive Quarter
€ million F21 | CASH POSITIVE QUARTER Cash refers to total cash and comprises cash and cash equivalents, cash deposits > 3 month and restricted cash. PAGE 7
Slide 8: Q1 F22 Ancillary Performance
Q1 F22 | ANCILLARY PERFORMANCE Ticket Revenue/PAX -7.1 EUR Ancillary Revenue/PAX +7.5 EUR 66.7 67.1 • Ancillary 56% of total revenue • Ancillary / pax +25% versus 2019 30.1 37.6 • UX research and digital merchandising drives more conversion of core products (boarding, seats, bags) • Continued strong
Slide 9: Looking Ahead: Focus Areas
LOOKING AHEAD: FOCUS AREAS FOCUSED STRONGER ULTRA-LOW MORE DIVERSE COST MODEL NETWORK DRIVING A LEADING SUSTAINABILITY DIGITAL LEADERSHIP PLATFORM PAGE 9
Slide 10: Gradual Return to ULCC Model
GRADUAL RETURN TO ULCC MODEL Ramping up: Weekly ASK as % of 2019 ASK (same week); Booked Load Factor 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% Calendar Week 0% 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Load Factor ASKs vs 2019 PAGE 10
Slide 11: Focused Ultra-Low Cost Model - Fleet
FOCUSED ULTRA-LOW COST MODEL - FLEET Fleet development F23 ➢ Advanced 10 x A321neo to summer 2022 ➢ Accelerate growth & capture new opportunities ➢ Seat average per aircraft moving to 210 – 215 next summer 268 246 20 221 18 200 12 188 6 173 160 129 148 137 114 121 88 112 49 8 22 93 2 79 38 41 41 67
Slide 12: A Stronger More Diverse Network
A STRONGER MORE DIVERSE NETWORK Diversification remains key as restrictions still impacting across the network % of unrestricted flights network-wide* % of unrestricted flights in key markets if vaccinated* 80% Romania 70% 60% Poland 50% Hungary 40% 30% Italy 20% 10% UK 0% 0% 10% 20% 30% 40% 50% 60%
Slide 13: A Stronger More Diverse Network
A STRONGER MORE DIVERSE NETWORK Strengthening market leadership in CEE region 25% 20% 20% 19% 19% 18% 17% 17% 17% 16% 15% 10% 5% 0% April May June Q1 2019 CEE Market Share 2021 CEE Market Share Source: Innovata and Infare June 2021. PAGE 13
Slide 14: Driving Sustainability Leadership
DRIVING SUSTAINABILITY LEADERSHIP 1,100 Transition Pathway Initiative Carbon Emission Intensity Sustainalytics ESG score CO2 g/RTK (Revenue-Tonne-Kilometres*) 1,000 Score (lower = better) 900 800 Lufthansa 24.3 700 25.5 (7th of 70 global Wizz Air airlines) 600 IAG 26.7 500 400 AF-KLM 26.9 300 Ryanai
Slide 15: Driving Sustainability Leadership
DRIVING SUSTAINABILITY LEADERSHIP ‘Fit for 55’ • Wizz Air does not support the Fit for 55 proposal. It distorts the market further in favor of subsidized legacy carriers. 1. It excludes cargo-only flights. Cargo flights drive around 15% of global emissions 2. It excludes long haul extra-EEA flights,
Slide 16: In Summary
IN SUMMARY Cash positive quarter, investment grade balance sheet During summer we will operate close to our 2019 capacity levels Near full vaccinations important to continue recovery through H2 Strongly improved competitive position behind extended market footprint and continued fleet renewal Wherea
Slide 17: Wizz | Disclaimer
WIZZ | DISCLAIMER This presentation has been prepared by Wizz Air Holdings Plc (the “Company”). By receiving this presentation and/or attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. This presentation is
Slide 18: Appendix: Hedge Program
APPENDIX: HEDGE PROGRAM EUR/USD Jet Fuel 258% 267% 243% HEDGE 22 % COVERAGE 19 % FY22 FY22 8 months 11 months 36 months months Capped rate $1.17 $533 Floor rate $1.12 $484 PAGE 18